Timing the withdrawal of RRSP savings to minimize your tax hit + MORE Sep 14th

How to go about securing the best Retirement Plan in Canada.
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The scoop: What Canadian investors need to know now + MORE Sep 21st

For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
Q. I’ve been fully retired since 2018, and living only on government pension (QPP, OAS and GIS). I have some RRSP and TFSA investments, and would like some help with determining when I should start withdrawing funds—and whether I will need to pay tax. I’ll be turning 71 in December 2021. 
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit. 
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed. 
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…

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Wedding, retirement party or honeymoon on hold due to COVID-19? Perhaps it’s time to rethink how you’ll spend that moneyFrom a down payment to saving for your children’s education to investing in your home office or maybe even yourself, there are a variety of other ways to spend the money you’ve set aside for your big event, Lesley-Anne Scorgie writes.

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