lerico

Depends.

1) If you cannot take risk in investment, and only plan to put your RRSP as GIC (<-- many people do that even young people), the interest you earn in your RRSP might not cover the cost of borrowing.

2) If you have a stable job, have planned to stay in that position for a long time, and know that you can stay in that position for a long time (i.e. unionized job) AND that job has a penion. (i.e. you are working in a huge unionized organization, for example, government, educational institution). You might have to re-think when you make contribution to RRSP. It is because at the time your are re-tired, your income (penion + RRSP) might put you in a high tax bracket, and since you are in a high tax bracket, you might loss many government elder benefits.

3) Get yourself a home first. If you don't currently own a real estate, you might want to consider instead of putting money in RRSP, you those money into your first apartment or house. First, put $20000 in RRSP, and then take it out using the first home buyer plan. You will have to repay those 15% each year i believe. Use those money for the down payment and get an apartment or house.  That way, you can enjoy the GST saving for your first and primary home. You will be owning a house, which is a good long term investment without a doubt. When you start earning more money, replace your current real estate with bigger, better one. Only contribute to RRSP when you have extra cash.

Of coz, this is only my personal opinion. Every person has their own belief and lifestyle.