How I got $5k for free

In March, I got an offer from Tangerine for an RRSP loan. I was in the process of mentally preparing my taxes since it was that time of the year. I had almost 90k of personal income for 2018 and had already contributed about $5k to my RRSP. Although, I had the chance to add another $15k via an RRSP loan.

Now, let me preface this by saying this isn’t right for everyone. I had to pay back the loan within 12 months at 1.5% interest, which meant my monthly payments would be $1,268.75. That’s not pocket money for most. Luckily, I had a plan to pay off the balance of the loan before the first month’s payment. Here’s how I did it.

Before acquiring this loan, I was set to get ~$2.5k back as a tax refund. Here’s a breakdown of my calculation using Simple Tax’s calculator.

Adding in the $15k RRSP loan brings my total contributions to $20k and my refund to ~$7.1k.

My refund has a net gain of $4.6k. So using the $7.1k from my tax refund and my own savings, I paid off the RRSP loan. At the end of the day, I was about $4.5k richer. My goal for next year is to max my RRSP without using an RRSP loan.

Have you ever used an RRSP loan? Why or why not?

Why I’ve made this website

Of course, this will be an ever-changing answer. Sitting here in Starbucks, sipping on my tall vanilla steamer with my lemon loaf, I ponder how to articulate all the reasons that have led me here to launch this site. It is no small commitment to start a blog, let alone all the accompanying surprises I have planned for this site. So what’s led to this? For starters, I’ve been helping businesses and individuals with their websites for years, I’ve helped run ad campaigns, put together value propositions for building (and not building) websites, and boasted myself an expert along the way.

It’s more than that, I’ve dreamt of the lifestyle that bloggers often possess. You know the type–writing about food, travel and fitness while enjoying the more beautiful things in life while doing it. As much as I dream that’ll be me, I know it won’t. No–I’ll have my own style with different content. I plan to write about finance, technology and leadership. I’ll naturally gravitate from those topics from time-to-time, but for the most part, those are the three pillars of this website. Why those topics? I’ve learned about finance because as much as I dislike this truth, the world runs on money and I didn’t want to be powerless about this truth. I learned about technology because I genuinely enjoyed games, robotics, engineering, and the combination of all of these. I learned about leadership because I realized you can’t complete anything significant alone. A team is essential to achieve anything of particular importance.

So what will this site be about? That’s too difficult to answer right now accurately. Although I can tell you that you can expect more than just writings. I plan to write books, courses, and even build tools to help you win in today’s competitive world.