RRSP Season: Does it Pay to Borrow?

“I’m not the hugest fan of RRSP loans for a few reasons,” says certified financial planner Julia Chung of JYC Financial in South Surrey, B.C. “You’re always working backwards — getting a loan, paying off the loan, and then getting a new loan the following year because you haven’t saved any money towards another year’s contribution, because you’ve been paying off a loan. It’s a vicious circle.”