Long time lurker, first time poster.
I live in Canada, am self employed and had an excellent year last year, almost doubling my income. However as a family we had a huge year of untracked spending, horrifying us when we realized. Now we are chastened, seeing that frugality really really means freedom.
In order to reduce the tax bill, I'd love to max out my RRSP, whose limit is $75,000 this year. (Oh how I wish I could go back into my twenties and buy RRSPs instead of bikes and stereo gear and climbing gear.) I'd need to borrow $40,000 from a 3.7% flexible rate interest only LOC. I reckon we can pay this off completely in two years, even with maxing contributions for next year and covering mortgage payments. Good idea? (if markets were more cheerful I think it'd be a no brainer, but....)
Thanks for any thoughts...