Cancer hit this couple’s finances. Should they cash in RRSPs to maximize OAS and GIS?

A serious illness can upend a household's finances and force decisions that would otherwise wait for years. This piece looks at a couple navigating that strain and asking whether drawing down their RRSPs sooner could lower their taxable income enough to qualify for more government support in retirement. The thinking weighs how registered withdrawals interact with income-tested benefits, where reducing future taxable income can open the door to programs aimed at lower-income retirees. It is a delicate balance, because pulling money out has its own tax cost in the year you do it, and the right sequence is not obvious. The discussion is most relevant to couples with modest registered savings and health setbacks who are trying to stretch their resources and make the most of the benefits available to them, rather than leaving money on the table.