Here is what we often suggest to clients. Make your mortgage payments over 25 yrs (bi weekly accel). This will of course pay your mortgage off within 20 yrs or so. Now again if you are less than 20 yrs. away from retirement adjust your timing).

Take the extra available money (say $800/mth) put this in your RRSP (assuming you have the room). In a 40% tax bracket that means you will get $320/mth in refund. Put that refund on your mortgage.. which will of course reduce the amortization on the mortgage, and you will have contributed $10,000 (roughly) to your RRSPs per year over likely 15 yrs which will be significant amount in your RRSPs. You will have also "found" over $50,000 that CRA has refunded you that has gone directly on principal on your mortgage. That is what is called free money, or less taxes which is always good (in my view).

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