Situation
A single professional planning to stop working at 60. Most savings are in an RRSP, with a smaller TFSA and a non-registered account. No workplace pension.
The Question
Which account do I draw from first, when should I start CPP, and how do I avoid losing part of my OAS to the clawback later?
The Planning
Draw down the non-registered account and part of the RRSP in the years before 65 while income is low, defer CPP to 70 for the higher lifetime benefit, and use the TFSA as the flexible top-up that doesn’t count toward taxable income.
The Outcome
Modelled this way, the lifetime tax bill is lower, OAS is projected to stay intact, and the mandatory RRIF withdrawal at 71 is not large enough to push income into a higher bracket.
This case is a composite of common situations, with details changed; it does not describe a specific client. Actual results vary.