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By Allan Norman, MSc, CFP, CIM on March 31, 2025
Estimated reading time: 5 minutes

By Allan Norman, MSc, CFP, CIM on March 31, 2025
Estimated reading time: 5 minutes

There’s more than one way to optimize your income after retiring. Some strategies can boost wealth, and others may leave a bigger estate for your heirs.

Do you have any tips for withdrawing from an RRSP?

Some background: My spouse and I are debt-free and mortgage-free. We own our home (current value approximately $1 million). We are hesitant to downsize as this home is accessible for me.

I have approximately $650,000 in RRSPs and $105,000 in TFSAs. At 65, my CPP monthly estimate is $1,200. My spouse has $185,000 in RRSPs and no TFSAs. He is expecting a small monthly defined-benefit pension of approximately $1,900 at 65. His CPP estimate is $1,100.

I have no idea if we qualify for any OAS funding. I do qualify for the Disability Tax Credit and my partner claims the Canadian Caregiver Credit.

I am currently on long-term disability leave from my employer. My LTD insurer mandated that I also apply for CPP disability which was approved. My LTD income is tax-free. Currently on paper, I make just over $18,000 per year. I am 61 and turn 65 in May 2028. My husband is 62 and still working in order to keep health benefits.

—Mary

Hi Mary. I hope you and your husband are both doing well. I can relate a little to your situation as my wife has a mild brain injury and is on LTD (long-term disability) and the Canadian Pension Plan (CPP) disability pension. People forget that the CPP is........

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