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• Get ride of your debt. 
• Don't enter into a car loan before entering into retirement. Pay cash for cars.
• Evaluate your insurance. Maybe you don't your life insurance, etc.
• Determine how you are going to pay for healthcare. Most Canadians pay these extra expenses out of pocket.
• Update your estate plan (will, power of attorney, document your digital assets(logins, etc).
• Determine your retirement age.  (Will need to line up with your retirement plan!)

Tax Rates

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Retirement Budget

Figure out how much you need monthly once you retired.

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• Drawing down your RRSP will allow you to delay your CPP/OAC.
• Money left in your RRSP(RRIF) upon your death will be taxed as if it was income received in that one year. 
• You can use your TFSA for emergencies while pulling an income from your RRSP(RRIF). ie. new roof, etc... 

TFSA

• Use it as a lever account. If you need some extra money, pull it from your TFSA account.
• Over contributing to your TFSA are subject to a 1% penalty tax per month charged on the excess amount.

Withdrawal Example

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Moving Abroad

• You can keep your TFSA
• As a non-resident, you won't accumulate new contribution room and you won't be able to contribute to your TFSA

References

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