|
When the slide started to happen I began looking at revenue streams from within Canada than of course pay in Canadian dollars.
I do have a small Production Company here that brings in a bit of Canadian dollars, but not near enough to sustain day to day living. Diversifying into more ventures that bring in Canadian revenue streams are of course an obvious choice.
One theory I have had involves pulling money out of RRSP's to purchase my first home(ok, this won't apply to everyone).
As may or may not know, you can pull 20k out of rrsp's to buy your first home. You have 15 years to pay this back. My logic is that although 20k of rrsp's will cost me 18k or so USD, I have 15 years to wait for a better rate to pay this back.
For example, say in 2008 the rate gets back to 25% - it will only take 16k usd to pay back the rrsp at this point.
This of course is not going to help everyone, and at best could only save you a couple thousand dollars. Every little bit helps though.
Anyone else with ideas like this?
|