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G20 Nations Unite in Johannesburg as US Stays Away

World leaders gathered in Johannesburg for the first-ever G20 summit hosted in Africa , where they adopted a joint declaration despite a boycott by the United States. The move broke with tradition, as declarations are usually finalized at the end of such meetings. Instead, South African President Cyril Ramaphosa announced that consensus had been reached at the very start of the summit, calling it a victory for multilateral cooperation and a milestone for Africa’s role in global diplomacy. The declaration, drafted without U.S. input, reportedly addressed pressing global challenges such as climate change and economic inequality , issues that South Africa emphasized as central to poorer nations. Ramaphosa’s spokesperson stressed that the text “cannot be renegotiated,” highlighting months of preparation and intense final negotiations leading up to the summit. The boycott was ordered by President Donald Trump, who accused South Africa’s government of discrimination against white citizens...
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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 interest deductions from investment loans or prescribed annuities.
  • This reduces RRSP balances before mandatory RRIF withdrawals kick in, lowering taxable income in later years.

4. Maximize TFSA Contributions

  • Withdraw from RRSPs and re-contribute to a Tax-Free Savings Account (TFSA).
  • Growth inside a TFSA is tax-free, and withdrawals don’t affect government benefits.

5. Leverage Pension Income Splitting

  • If someone has a spouse, splitting RRIF income can reduce overall household taxes.
  • This strategy ensures both partners stay in lower tax brackets.

6. Sequence Withdrawals Wisely

  • General rule: Non-registered accounts first, then RRSP/RRIF, then TFSA last.
  • This order allows taxable accounts to be drawn down while tax-sheltered accounts continue to grow.
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