@gauravsoodtiktok: Why Retirees Sometimes Spend the Wrong Money First Many retirees focus on how much they've saved. Far fewer focus on which account they should withdraw from first. RRSPs/RRIFs, TFSAs, and non-registered accounts are all taxed differently. The order in which you access them can affect your lifetime taxes, retirement income, government benefits, and the amount of wealth you ultimately leave behind. A retirement withdrawal strategy isn't about finding the perfect account. It's about coordinating all of your accounts to create the most tax-efficient retirement possible. Relevant references: * Income Tax Act (Canada), s. 146 (RRSP) * Income Tax Act (Canada), s. 146.2 (TFSA) * Income Tax Act (Canada), s. 146.3 (RRIF) ______________________________________ Disclaimer: This content is for educational and informational purposes only and does not constitute financial, legal, tax, investment, or other professional advice. The concepts, strategies, and examples discussed are general in nature and may not be suitable for your specific situation. Always consult a licensed professional in your jurisdiction who can assess your individual circumstances before making any decisions. Past performance or hypothetical illustrations are not guarantees of future results. All investments involve risk, including the potential loss of principal. Any tax-related information is based on current Canadian rules and may change without notice; application and eligibility may vary by province or territory. This content does not constitute a solicitation to buy or sell any product, security, or service, nor does it endorse any specific provider. Viewers are solely responsible for their own financial decisions and outcomes.

Gaurav Sood

Open In TikTok:

Region: CA

Monday 10 August 2026 17:50:10 GMT