RRSP contribution vs paying down the credit cards

This time of year, the financial services industry reminds us all to make sure we make max out our available RRSP or TFSA contribution room. The contribution deadline is March 1, 2017 if you want the tax deduction for the 2016 tax year.

An RRSP is accepted as one of the best ways to plan and save for your retirement. But if you are carrying balances on your credit card(s), you might be farther ahead if you pass up the tax break and use the money to reduce what you owe.

This article, shared on the Financial Independence Hub, outlines how and why it may be wiser to tackle your debt sooner and your RRSP later. Check it out.


If you don’t have anything available to pay down the credit card(s), and especially if you are in danger of missing out on even the minimum monthly payment(s), it may be time to consult with a debt professional.

Goldhar & Associates offers fast , friendly debt relief, and can review  your financial situation and suggest strategies to help you shed the debt® today so you can start saving for your future.  Call Goldhar & Associates today for a free, no obligation, consultation. Fast dial #DEBT (#3328) on your mobile phone. Or call 1-855-541-5114 toll-free.

Anywhere in Ontario there is a Goldhar office near you. When debt becomes a problem, we help.