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Rising Tensions Leave Ships Stranded in Key Oil Passage

Traffic through the Strait of Hormuz ⁠was closed for a fourth day on Tuesday, choking off a key artery accounting for about 20% of global oil and gas supply. Greece’s Minister of Maritime Affairs and Insular Policy, Vassilis Kikilias, has raised urgent concerns over an increasingly alarming situation in the Strait of Hormuz, where dozens of vessels remain stranded amid escalating conflict involving Iran. He emphasized the need to safeguard global shipping and protect seafarers as the strategic waterway—responsible for roughly 20% of global oil and gas flows—remains closed for a fourth consecutive day.  The closure has disrupted international trade routes and heightened anxiety across the maritime sector. Greek authorities have urged shipowners to exercise maximum caution and avoid high‑risk zones in the wider Persian Gulf region as tensions continue to rise. The prolonged shutdown underscores the vulnerability of global supply chains to geopolitical instability and highlights th...
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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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