Abstract
The sources of your retirement income and your strategy for withdrawing your savings can have a significant impact on your cash flow and tax consequences. We can help you calculate your current expenses, project them over your retirement, and develop the customized withdrawal strategy that works best for you. There are seven major government sources, which include Canada Pension Plan / Quebec Pension Plan (CPP/QPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS), employment related sources, company pension plans, group RRSPs and deferred profit sharing plans. In addition, there are five potential personal sources, which are registered investments (RRSPs, RRIFs, LIRAs, LIFs, PRIFs, and TFSAs), non-registered investments, and Guaranteed Investment Fund (GIF) policies with Lifetime Income Benefit (LIB) options, annuities and home equity. There are five other miscellaneous resources that may exist and they are part-time employment or income from a second career, rental property income, business assets, vacation property equity and other savings.
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