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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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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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