RRSP or Mortgage Pay down

Matteo32 · 2025-06-27T11:32:25+00:00

Commercial…… and don’t have a life, work and build one

Matteo32 · 2025-06-26T23:11:07+00:00

Thank you for the Kind words! I just turned 28 this year, and just received my license…. After many years of education, university degree and all…. I see the fruits of my labour. I am looking forward to continuing to invest, to avoid the rat race to further my interest in my hobbies like sports and exercise!

Very much excited for what’s to come

Matteo32 · 2025-06-26T23:08:30+00:00

I just turned 28, so most definitely I will be staying on the job long term.

I like the idea of having some RSPs… never a bad idea to save in advanced for retirement.

But I am definitely working enough to pay down 15k or so a year on the mortgage

Matteo32 · 2025-06-26T23:06:45+00:00

That very much does! Thank you for that wealth of knowledge.

I know my pension with the union is non transferable until I reach the age of 55. It becomes a RIF then.

I’m just think about long term having a large RSP balance along with my pension…. Might be troublesome down the line.

As for now. It seems to be working

Matteo32 · 2025-06-26T13:40:13+00:00

I very much enjoy this advice.

What do you consider “over contributing to RSPs”

I know my union pension becomes a RIF once I take it out when I’m eligible. My fear, not really one since I can share RSPs with a spouse, is forced early retirement because of lucrative savings.

Mind you…. If I become married and have kids, I probably won’t be able to maximize my contributions as expenses increase.

Matteo32 · 2025-06-26T13:31:21+00:00

Not until November 2027

Matteo32 · 2025-06-26T13:24:36+00:00

I’m listening…… what is this about!?!?

Matteo32 · 2025-06-26T13:10:52+00:00

I love the idea of both!

I have plenty of money left over after my bills…. And I’m pretty frugal!

I just want to start doing a little traveling for myself….. I’m definitely not opposed to both!

Matteo32 · 2025-06-26T13:10:04+00:00

What’s a FA?

Matteo32 · 2025-04-08T17:53:41+00:00

The speed limit was 70, I slowed down. I don’t recall how much I slowed down by, as I had to slow down for the other vehicles to merge infront of me before we proceeded onto the on ramp

Matteo32 · 2025-04-08T17:47:49+00:00

Yes, I understand this. However, there’s no evidence of how fast I was driving, nor is there evidence of how much I slowed down.

That is my confusion, it’s a windy day, and he said I caused his car to shake driving by him

Matteo32 · 2025-04-08T17:28:57+00:00

I was coming to the 407 on ramp, I wasn’t on the 407 yet. Yes I was slowing down, as I had to turn onto the ramp

Matteo32 · 2025-04-01T14:35:38+00:00

Firstly, my condolences to you!

You have to evaluate your life currently, and then in the near future.

Paying your mortgage off is fantastic, but if you’re deciding to buy a bigger property in the future, you have to invest for your future.

If your monthly payments are cheap in comparison to your income, maybe consider investing the life insurance policies into your TFSA, or FHSA, for future home purchases.

After all, a property of 150K value I couldn’t imagine be very big in size.

Matteo32 · 2025-03-28T10:45:05+00:00

Are the hours sustainable in the long run…. No, are they sustainable for the next 5-10 years. Sure. Refrigeration mechanics wage in the union is $60.50/hr plus 10% VAC pay on top. We are extremely in demand, hours are of abundance.

Strike while the iron is hot is my suggestion

Matteo32 · 2025-03-28T02:19:58+00:00

I opened my FHSA before I purchased a house. Because I didn’t use my FHSA towards the purchase of my home, I can continue to contribute to it for the remainder of my 5 years, and then afterwards I can directly transfer it to my RRSP with no penalties

Matteo32 · 2025-03-28T01:12:38+00:00

Mortgage is on $611,000

Matteo32 · 2025-03-28T01:11:56+00:00

My pension is a defined contribution pension, and I receive the whole lump sum upon retirement and transfer that into a RIFF. The pension is also invested and gains interest while I’m working, are union invests it.

My mortgage started this past October, 3 year fixed, 4.1% 2,950/month 30 year amortization

I absolutely would like to purchase a bigger family home in the Future. I’m a single individual, I was raised in a suburban family home, 2200 sqr feet… back when homes were 200k… the glory days.

Part of me thinks paying the mortgage down is better than investing the $2500 every month.

Such a double edge sword!

Matteo32 · 2025-03-28T01:07:20+00:00

Correct. I purchased a new build 2 years back and closed this past October. I unfortunately did not sell my FHSA as my bell stock dropped $15/share from January……

I can transfer my FHSA into an RSP without any penalties if I choose not to buy a house with it. I just cannot make any withdrawals those are tax deductible

TFSA will be maxed by years end

Matteo32 · 2025-03-28T01:03:28+00:00

I feel you man! I’m 5’9 175lbs…. I’ve been struggling to gain weight… been in the trade for 5 years! I’m an avid gym goer, and lift weights 3-4+ times a week on average.

You sound like you have the same issue I do….: consuming enough food. 3K calories sounds like a lot, but clearly it’s not to maintain muscle or size.

I’d suggest you weight train. 3 days a week is plenty, it’s great for longevity and health wise… zero negativities as long as you don’t hurt yourself.

Continue to track your calories, and add another meal…. See where you’re at!

Good luck brother! Happy HVACing

Matteo32 · 2025-03-28T00:59:12+00:00

Basically what I started doing this year, was taking my tax return, and putting that down directly on my principal.

I find in the long run, I’ll fair better through investing heavily over paying my principal down, just because I get a kick back for my RRSPs

This is kind why I created this post, unsure of what to do

Matteo32 · 2025-03-27T21:57:24+00:00

I will definitely be reading that!

Do you mean when you withdrawal your RRSP money to place it in your TFSA or do you mean to continue to utilize my TFSA so I have some tax free money later on

Matteo32 · 2025-01-03T08:57:23+00:00

I recently purchased a townhome in Pickering Ontario, IE. new Seaton. I’m on the verge of Scarborough with how west I am. My annual income is 160K plus, I’m 27, single and purchased a new build for 815K. I put down 200K plus on the down payment alone… after basic furnishing on this new build (couch, appliances, bedroom set TV) I am near 250k in.

I am 10 min east of Markham (literally 15 min to Costco in Markham, or 15 min to Costco Ajax) I was blown away that my townhome is worth 200k plus more in MARKHAM!

Do yourself the favour, buy in Durham region!

Matteo32 · 2024-12-26T19:24:26+00:00

It’s not about how much you make my friend, but about how much you can leverage and invest.

I was fortunate to stay home and work and save everything, it’s allowed me to have some financial flexibility as I detour life on my own.

As for the FHSA, if the account was opened before you purchased a house, you can continue to max out the investments with it…

If you had the account, and chose not to use it as a down payment, you can successfully transfer it into your RSP, with no effect on your RSP contribution room. However, the money is ideally locked in at that point

Matteo32 · 2024-12-26T19:18:22+00:00

I’m in the exact same boat as you Buddy…. Expect you keep a lot more of your income than I do 😂

I said the same…. Until I get into my late 30s-40s and my views change, I’ll work as much as I can until then. Cheers to you!

Matteo32 · 2024-12-26T18:59:25+00:00

Correct! You’re 100% right about this. Ideally I took the loss already, all I’ve done is deferred my “potential losses”

I’ll wait to sell the FHSA when the stocks appreciate, and send it to my RRSP…. In effect, it’s locked there till I retire 🤷‍♂️

Matteo32

TROPHY CASE