Maximizing Your RRSP Contributions

Short on money this RRSP season? Consider your home equity to maximize your RRSP contribution.

Higher real estate values are offering a unique chance for many to maximize their RRSP contributions by tapping into existing home equity. According to Statistics Canada, of the nearly $310-billion in RRSP room available to Canadians in 2003 – only $27.6 billion was actually used.

With a home equity line of credit, a homeowner can withdraw funds at relatively low interest rates, as needed, to contribute to an RRSP or to take advantage of previously unused contribution room.

Your Invis Mortgage Consultant has a wealth of advice on how to use mortgage financing to make sure that you’re making the most of your RRSPs this year.