Pay your debt or pay yourself?

RRSP savings jar. (

RRSP savings jar. (

Linda White, Special to QMI Agency

, Last Updated: 5:36 PM ET

Contribute to your RRSP and you'll pay less income tax; put that money towards an extra mortgage payment or other debt, you'll pay less interest. Deciding which option is best depends on a host of factors, including the amount and type of debt you're carrying, your age and tax bracket.

Personal feelings also come into play, says Tom Hamza, president of the Investor Education Fund, a non-profit organization established by the Ontario Securities Commission.