When RRSP withdrawals for debt repayment is a bad idea + MORE Dec 1st

Q: My wife and I currently have a mortgage of $297,000. On top of that we’ve had to dip into our line of credit (unsecured) to the tune of $44,000. I’m trying to determine whether or not it makes sense to withdraw the $44,000 – plus the withholding tax – from my RRSP.
I currently participate in a DB pension and am in a fairly safe/steady employment position. My RRSP is currently sitting at $150,000 and my salary is approximately $115,000.
Re-financing is going to cost quite a bit and wouldn’t necessarily cover the full debt load.
—Tom
A: I don’t want to be one of those judgemental financial experts who tells you that if you have had to dip into your line of credit to the tune of $44,000, you’re spending too much money. Life happens and sometimes there are expenses that go beyond our budget. Obviously if you guys are continuing to run up your line of credit balance though, that’s not sustainable forever, Tom. But you know that.
With regards to your RRSP withdrawal plan, I think it’s important to clarify that the withholding tax is not the final tax on your withdrawal…

It’s been a little over 2 months since the launch of the game-changing American Express Cobalt Card and personally we’ve had it in our hands for a little over a month. Related: Introducing the American Express Cobalt Card – this card is simply amazing Its one thing to talk about a card based on what is written on paper and another to talk about it when you actually have it. What follows is my take on the card so far and all I can tell you is that it does live up to the billing of being a game-changing card.  Earning PointsEarning points has been extremely easy on the card thanks to the 5x Points earned on Eats & Drinks! I would say that the majority of my purchases have been in the Eats & Drinks category so the points have been racking up super quick. In fact, in the first month of having the card I earned over 30,000 Membership Rewards points. 15,000 in sign up bonuses and over 15,000 from around $3,000 in purchases like dining out and grocery shopping. That means at this point I have achieved around a 10% return on the spending if I was to redeem for travel via the Use Points for Purchases option…

Justin Trudeau in North Vancouver hiking the Grouse Grind trail. (Photo, Adam Scotti/Prime Minister’s Office)
Set your alarm clock
Many students would probably disagree with me, but my one piece of advice for those starting university for the first time would be to choose morning classes as much as possible! Forcing yourself to wake up early for class means you’ll be more disciplined and won’t waste the day sleeping in. Whether it’s giving yourself more time to study, hang out with friends, or discover what you’re interested in outside of the classroom, you’re truly going to want to take advantage of those great university moments.
Justin Trudeau, Prime Minister of Canada
Don’t be afraid to change directions
When I left high school in the ’70s, I had a dream of being a rock star. I attended the music program at Humber College before taking to the road in a band with a few friends. It was quickly apparent to me that I lacked the talent necessary to be successful as a musician…

Just in time for the holidays American Express has released this amazing offer for those who have or get the American Express Cobalt card! For the month of December, the category multiplier for eats & drinks is being doubled to 10 points per dollar for the first $2,000 in spending!Cobalt Cardmembers earn 10 points for every $1 in the first $2,000 spent in eligible eats, drinks, and grocery purchases and 5 points for every $1 over $2,000 on additional eligible purchasesThis offer runs from December 1 to December 31st and is open to existing Cardmembers and new Cardmembers. To ensure you get in on this offer and you don’t have the card you’ll want to apply sooner than later for the card as you should get it within 10 business days if you are approved immediately. That will still give lots of time to get the 10x bonus!What are 10 points per dollar worth with the American Express Cobalt Card?Use Points for Purchases (Travel): this is equivalent to a 10% return – so if you make the $2,000 limit your points are worth $200 towards travelUse Points for Purchases (non-travel) this is equivalent to a 7% return – worth $140 towards any non-travel purchases if you hit the $2,000 levelTransfer to Starwood Preferred Guest: 10 points equals 5 Starpoints…

While typically used to finance life’s little emergencies, sometimes card transactions fall far outside the mainstream.