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What is the fastest and most economic way of paying down a mortgage from RRSP investments? |
I am in the process of settling my divorce. I have just recently purchased a house and now have a fairly substantial mortgage. I am hoping to retire in 5 years. The money that I was hoping to get from the settlement is a little less than I was hoping for but figured I could swing it anyways. However , I have just now been informed that I will not be getting cash (as I had hoped) but will be getting my ex's RRSP investments transferred over to me. Therefore, unless I want to be taxed at 43% of 160,000$ this year for income tax I cannot withdraw the money and pay off my mortgage. Whatever I withdraw is apparently added to my income and I have to pay taxes on the whole thing. So...what would be the best way to pay off my mortgage in a reasonable time frame so I am not being taxed to the hilt and not having to eventually be living from pension cheque to pension cheque each month, paying off a mortgage, bills, food, etc, for the rest of my life and not knowing where the next $ will be Withdrawing the money to pay down the mortgage may be a bad idea even if the tax man were not lurking in the shadows -- mortgage money is cheap, and the RRSP investment may have a higher yield than the mortgage interest rate. So, leave the mortgage in place and draw, if you must, on the RRSP at the smallest rate that you can manage. |
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