Hello,
I have some money sitting around (from messing up withdrawing and recontributing to the TFSA last year), so I was looking at investing the money into TFSA for 2014 when I was considered paying off OSAP, just thought I get peoples opinion on whats a good idea.
Loan amount: $6200
Monthly: $260
Term left : 30 months
I was trying to analyze the info, I have enough money available to pay it off fully, but wasn't too sure if I should invest and continue paying the monthly for another year, and then do a lump sum in 2015 to pay it off. I see the disadvantage as annually I am paying $3120, and should really in theory be able to pay it off at 24 months if no interest was applicable... I figure the excess amount I paying is the difference of $3080 (6200-3120) at the end of the year ?
Any tax implications this might have as well ?
No other loans, just this one currently.
Thanks for any responses!
I have some money sitting around (from messing up withdrawing and recontributing to the TFSA last year), so I was looking at investing the money into TFSA for 2014 when I was considered paying off OSAP, just thought I get peoples opinion on whats a good idea.
Loan amount: $6200
Monthly: $260
Term left : 30 months
I was trying to analyze the info, I have enough money available to pay it off fully, but wasn't too sure if I should invest and continue paying the monthly for another year, and then do a lump sum in 2015 to pay it off. I see the disadvantage as annually I am paying $3120, and should really in theory be able to pay it off at 24 months if no interest was applicable... I figure the excess amount I paying is the difference of $3080 (6200-3120) at the end of the year ?
Any tax implications this might have as well ?
No other loans, just this one currently.
Thanks for any responses!