RRSP Help! Should I invest in it?

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Hi,

I have a quick question. I have about $5000 in unused RRSP's. If I was to use it towards my tax it would result in about $1400 extra refund. However, I would need to take out a $5000 loan at about 9% and pay it off over the year or faster. What do you think should i maximize the rrsp and get the $1400? Or should I wait until I have the extra money for next year?

Thanks.

RRSP Help! Should I invest in it?

this is a tricky question, but because $1400 is more than 9% of $5000 i would go for it, providing the interest isn't billed monthly and you can just pay it back this time next year.

RRSP Help! Should I invest in it?

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