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Preserving a Nest Egg: Strategic RRSP Withdrawals Explained

When retirement arrives, the challenge shifts from saving money to spending it wisely . For someone sitting on nearly $3 million in savings, the key question is how to draw down their RRSP in a way that minimizes taxes while ensuring her wealth supports her lifestyle for decades. 1. Start Withdrawals Before Age 71 RRSPs must be converted to a RRIF (Registered Retirement Income Fund) by age 71. If someone waits until then, mandatory minimum withdrawals could push her into the highest tax brackets . By starting withdrawals earlier, she can smooth out her taxable income over time, reducing the risk of large tax bills later. 2. Delay CPP and OAS Delaying Canada Pension Plan (CPP) and Old Age Security (OAS) until age 70 increases benefits significantly. This allows someone to rely more on RRSP withdrawals in their 60s, keeping taxable income balanced and avoiding OAS clawbacks. 3. Use a “RRSP Meltdown” Strategy Gradually withdraw RRSP funds while offsetting taxes with interes...
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Carney Joins G20 Leaders in Johannesburg as Bloc Moves Forward Without U.S.

PM Carney in Johannesburg as G20 members agree to release a declaration without U.S.


Prime Minister Mark Carney arrived in Johannesburg, South Africa, for the historic G20 summit, the first ever held on African soil. The gathering has been overshadowed by a U.S. boycott, yet leaders from across the globe have agreed to move ahead with a joint declaration, signaling a determination to maintain unity despite Washington’s absence.

South African officials confirmed that the declaration will address pressing global challenges, including inclusive economic growth, climate change, food systems, and clean energy. Carney participated in sessions focused on reforming financing for development in the morning, followed by discussions on sustainability in the afternoon. The declaration, adopted unanimously by the remaining members, is being hailed as a symbolic victory for Africa’s growing role in global governance.

Carney also held bilateral meetings with leaders from France, Jamaica, Norway, Germany, the U.K., the European Union, and the World Trade Organization, underscoring Canada’s commitment to multilateral cooperation. On the sidelines, he and French President Emmanuel Macron discussed the conflicts in Ukraine and Gaza, reaffirming support for Kyiv and stressing the need for stability in the Middle East.

The U.S. boycott, reportedly driven by disagreements over language in the declaration, has highlighted tensions between Washington and other G20 members. South African President Cyril Ramaphosa’s government emphasized that the statement “cannot be renegotiated,” reflecting a firm stance against U.S. pressure.

For Canada, Carney’s presence marks a significant moment in foreign policy, as Ottawa seeks to strengthen ties with African nations and support global initiatives on critical minerals, AI for sustainable development, and wildfire prevention. The summit’s outcome suggests that the G20 is willing to chart a course forward, even without U.S. participation, reinforcing the bloc’s resilience in addressing shared challenges.


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