Hi all,
I have a small inheritance (~$35K) coming my way plus have close to $18K available cash by end of Feb 2019 from savings. We are planning to put all this into our RRSPs ($36 into mine, $18 into hers). We have a shit-ton of contribution room in our RRSP so no risk of over contributing. Based on our current incomes / tax brackets and monthly rrsp contributions, I expect to see combined tax refund of ~$22K.
Initial thought was to take the tax refund and flip it into TFSA which we would use to build up our emergency fund plus use for a trip we have planned next year.
We have a car loan on the books that we could wipe out when the refund hits bank. Loan is currently around $24250+/- at 2.49% (cash flow drain of $110 per week). Unless we decide to downsize the buggy, it's likely we'll still be driving this 8 or 9 years from now (we tend to run them into the ground).
We have no other consumer debt but the car loan.
Thoughts? Opinions? Advice?