Tax-efficient retirement strategy options for Canadians

Drawing down a portfolio in retirement isn't just about having enough; it's about the order you tap your accounts so the tax bill stays low. This piece considers a couple with money spread across RRIFs, TFSAs and taxable holdings, no company pension, and a question about how to wind down their non-registered investments wisely. A key insight is that tax efficiency means different things depending on the goal, the lowest lifetime tax, smooth retirement income, or the most left to heirs, and those aims can pull in different directions. It explores taking extra RRIF withdrawals while in a low bracket and moving the surplus into TFSAs, while cautioning against cashing out registered money just to reinvest it in taxable accounts. It's most relevant to retirees weighing withdrawal sequencing and what they hope to leave behind.