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🤷‍♂️ What order should you draw money from in retirement?

😵‍💫 After selling a business, owners have several options for drawing funds: Holdco, RSPs, non-registered accounts, and TFSAs.

📝 A scenario that often works is taking dividends from your Holdco first (if you haven’t taken OAS), as the dividends are grossed up. This means your income-tested benefits are affected more ($100 received could count as $115 or $135 for clawback or cutoff calculations).

📅 At age 72, you are forced to withdraw from your RIF.

💡 For non-registered accounts, it’s often best to let equity investments (stocks, ETFs) grow and avoid triggering capital gains until necessary.

🤩 TFSAs should be withdrawn last, as they offer tax-free growth, and you want as much money working in them as possible.

🗺️ Consult your tax professional to get a plan that works best for your situation.

#tfsa #rrsp #rsp #financialplan

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