What would you pay first? Mortage or Student Loans?

[jus68]

Don't forget that student loan interests are tax deductible however I've also done the calculation and even with the tax savings, paying off student loan is more benefitial as your current student loan payment in the bank's eyes will give you a better leverage forthe buck. Also get your banker to look into RRSPs.

On a seperate note, for your new tank build you could try to claim it on your 2009 tax return and consider it as home Reno as that'll get you 13+% tax credit back up to $1300. Disclaimer: should talk to tax professional or CRA for further interpretation of 2009 budget.

[Delphinus]

Mortgages are more of an investment in yourself. It's like paying rent to yourself. If the payments aren't killing you, it's not a problem to leave it.

Student loans on the other hand do tend to be more stifling. I found my life improved hugely when I finally paid those off.

Now, if you were to ask about whether to invest in RRSP's or pay down your mortgage .. I have some interesting life stories I could share about that one day over a beer or other beverage of choice, about that particular choice. Actually it's probably quite a huge rant. So um .. since you didn't ask about that one, I'll leave it for another day (and a beer. Don't forget the beer.)

[GreenSpottedPuffer]

Originally Posted by Delphinus

Mortgages are more of an investment in yourself. It's like paying rent to yourself. If the payments aren't killing you, it's not a problem to leave it.

Student loans on the other hand do tend to be more stifling. I found my life improved hugely when I finally paid those off.

Now, if you were to ask about whether to invest in RRSP's or pay down your mortgage .. I have some interesting life stories I could share about that one day over a beer or other beverage of choice, about that particular choice. Actually it's probably quite a huge rant. So um .. since you didn't ask about that one, I'll leave it for another day (and a beer. Don't forget the beer.)

I won't ask until your out west one day and we can sit down for a nice cold beer but I have a feeling I know what kind of stuff you have to rant about.

When are you making your way out West? I hear you mention it once in a while...make sure you let us all know if you do

[GreenSpottedPuffer]

Originally Posted by jus68

Don't forget that student loan interests are tax deductible however I've also done the calculation and even with the tax savings, paying off student loan is more benefitial as your current student loan payment in the bank's eyes will give you a better leverage forthe buck. Also get your banker to look into RRSPs.

On a seperate note, for your new tank build you could try to claim it on your 2009 tax return and consider it as home Reno as that'll get you 13+% tax credit back up to $1300. Disclaimer: should talk to tax professional or CRA for further interpretation of 2009 budget.

I do already have RRSPs. She had me do that right away when I joined the bank.

I am going to look into that Reno claim. Its funny because when they announced it, my fiance said right away I wonder if you can claim the new tank stand since its kind of a house reno. I might be bolting it to the wall in one spot too which I figure should be considered a reno...maybe not though