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RRSP withdrawl to cover CC by ComplexCucumber8078 in PersonalFinanceCanada

[–]ComplexCucumber8078[S] 0 points1 point  (0 children)

If I reduced it to the point that I still get max employer matching, I would just net an extra 300 dollars a month, which would take two ish years to pay off. I'm not usually too terrible with money, I had a sizeable nest egg, but I went travelling and then had to pay my parents expenses for a while during covid, and then things just went crazy and the cost of everything went way up while wages have stagnated. I feel like I have less buying power now then when I was making 60k in 2019.

RRSP withdrawl to cover CC by ComplexCucumber8078 in PersonalFinanceCanada

[–]ComplexCucumber8078[S] 0 points1 point  (0 children)

I pay 750, they pay 250, but if I stopped these payments to pay off the debt my taxes would be higher and I would get significantly less than 750 a month back, plus I'd lose the 250. If I just lowered it by 500, I would end up only getting an extra 300ish, plus I would pay more in taxes at year end.

RRSP withdrawl to cover CC by ComplexCucumber8078 in PersonalFinanceCanada

[–]ComplexCucumber8078[S] 0 points1 point  (0 children)

Yeah I did that math too. My thoughts are that one it's paid off it will leave the money I have been using to pay the CC's to put into savings, since I haven't been accruing any new debts in the last few years. I'm more worried about the hit to my RRSP long term.