10/13/2026
Which retirement account should you draw from first?
It's one of the most common questions retirees ask, and there's no one-size-fits-all answer. The order you draw from your RRSP/RRIF, TFSA, and non-registered investments can affect your taxes, government benefits, estate value, and how long your income lasts.
We think of savings as three tax buckets:
🔹 RRSP/RRIF: Tax-deferred. Every dollar withdrawn is taxable.
🔹 TFSA: Tax-free growth, with no future tax bill.
🔹 Non-registered: Flexible, with tax treatment depending on the type of income.
⚠️ The most common mistake? Spending non-registered money first to leave the RRSP/RRIF untouched. It can lead to larger RRIF withdrawals, OAS clawbacks, and a bigger tax bill for your estate.
Don't focus on this year's tax return. Focus on your lifetime tax bill. Sometimes paying a little more tax today can save you more over a 20- or 30-year retirement.
Approaching retirement or already retired? A Retirement Red Zone review can help make sure all the pieces of your financial life are working together. Book a no-obligation "Fit" meeting with us to see if we're a match.
📍 Wilmot Financial Services, Fergus, ON
