Hi All,
First time here, glad to meet you all!
I have a the following financial standing:
Coast Cap Line of [email protected]% -6112
Coast Cap RRSP 1yr [email protected]%(matures in Dec09) 4325
Scotia auto loan @12% -11000
CIBC [email protected]% -15457
I'm a permanent salaried employee. 90,000 per year, I rent, no other significant assets.
My plan, that I'm hoping the experts here will either shoot holes in, or validate is as follows:
I just sold my public company shares and now have $8500 in cash. I plan to put this into an RRSP (not sure what type yet). With that in place I'm hoping to a bank will lend me $19,000 to consolidate my auto loan, line of credit, and credit card. My rationale is that the RRSP will save me a lot in income tax, and offset capital gains on my sale of shares, I'm also hoping it will make me a more attractive borrower to banks. The consolidation loan will reduce my interest significantly, and I will take it over a short period of time so I pay it off quickly and can get to some real saving.
Is this a good plan? Or can I do better?
Thanks!
First time here, glad to meet you all!
I have a the following financial standing:
Coast Cap Line of [email protected]% -6112
Coast Cap RRSP 1yr [email protected]%(matures in Dec09) 4325
Scotia auto loan @12% -11000
CIBC [email protected]% -15457
I'm a permanent salaried employee. 90,000 per year, I rent, no other significant assets.
My plan, that I'm hoping the experts here will either shoot holes in, or validate is as follows:
I just sold my public company shares and now have $8500 in cash. I plan to put this into an RRSP (not sure what type yet). With that in place I'm hoping to a bank will lend me $19,000 to consolidate my auto loan, line of credit, and credit card. My rationale is that the RRSP will save me a lot in income tax, and offset capital gains on my sale of shares, I'm also hoping it will make me a more attractive borrower to banks. The consolidation loan will reduce my interest significantly, and I will take it over a short period of time so I pay it off quickly and can get to some real saving.
Is this a good plan? Or can I do better?
Thanks!