RRSP vs Mortgage Prepayment: What's Smarter For Canadians?

Make an RRSP contribution or make an extra mortgage payment on your house? What's the smarter and best choice for most Canadians? This is a common dilemma and no easy answer...but there is a one size will fit most Canadians and is usually the best answer in generating the highest return.

Making an RRSP contribution has its benefits such as being tax deductible and getting a tax refund from the Canadian government and it allows you to save for your retirement.

However, making an extra mortgage payment on your house that goes directly to the principal allows a person to save thousands of dollars in interest and can take years off of your mortgage. This will put a person one step closer to mortgage freedom.

There are some key factors to consider and what I go through in this video so that a person can properly address the cost of living in Canada and also achieve financial freedom earlier.

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Aaron Money Mindset:
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DISCLAIMER: I am not a Financial Advisor, and please consult a professional as I create my videos for entertainment purposes only. I am merely sharing my personal opinion. Please use your own discretion with your finances and your investments. Use your knowledge and intelligence to seek out the best advice for YOU.