Shiela Cabucol

You spent decades putting money into your RRSP. But nobody really talks about what happens when it’s finally time to take it out.

When should you start withdrawing?
Should you take CPP early or delay it?
How does your employer pension affect your RRSP withdrawals?
Could taking out too much affect your OAS?
And how do you avoid paying more tax than necessary?

The truth is, there’s no one-size-fits-all answer. Your strategy can depend on your other income, CPP/OAS, employer pension, spouse’s income, tax bracket, and even your estate goals.

But I want to hear from our retired kababayans. 🇵🇭🇨🇦

If you’re already retired, what do you wish you knew about RRSP withdrawals BEFORE you retired?
💬 What would you do differently?
💬 What surprised you?
💬 What advice would you give someone who is 5–10 years away from retirement?

Share your experience in the comments. Your lesson could save another kababayan thousands of dollars or prevent them from making the same mistake.

Let’s learn from each other. ❤️

If you used your RRSP to buy your first home through the Home Buyers’ Plan, you’ll eventually have to start paying it back.

But what happens if you don't?
You won't get a bill from CRA, and there's no penalty for not making the repayment.

BUT… the amount you were supposed to repay gets added to your taxable income for that year.

So yes, you can skip the repayment but you may end up paying more tax instead.

And remember, every year you don't put that money back into your RRSP is another year that money isn't growing for your retirement.

So technically, you don't have to repay it. But skipping it can still cost you.

When can I withdraw my RRSP and pay the least amount of tax?

Most people assume the answer is simply “When I retire.”

And yes, retirement can be a good time to withdraw from your RRSP. But I want you to know that just because you're retired doesn't automatically mean you're paying the least amount of tax.

Every dollar you withdraw from your RRSP gets added to your taxable income for that year.

So imagine spending years building your RRSP, then withdrawing a large amount all at once only to realize that you pushed yourself into a higher tax bracket and gave away more in taxes than you needed to.

That's why when you take money out matters just as much as how much you have.

Generally, you want to look at your lower-income years.

Maybe you took time off work.
Maybe you retired and your employment income dropped.
Maybe you simply had a lower-income year.
Or maybe, instead of taking out one huge amount, you spread your withdrawals over several years.

Don't just focus on building the biggest RRSP possible. Start thinking about how you're going to take the money out too.

Because retirement planning isn't just about accumulating money. It's about making sure you get to keep as much of it as possible.

Need advice with your RRSP? Book a call here ⬇️⬇️

https://info.shielacabucol.com/

May nagsabi sayong icancel mo na yang Critical Illness insurance mo? Panoorin mo muna itong video natin ito. ⬇️⬇️

Grateful to be doing something I genuinely enjoy, to keep learning and growing, and to have the opportunity to help people along the way.

And yes, I’m grateful for the little perks that come with it too.

Thank you Beneva and AGF 💜

Investing in yourself (your skills, mindset and growth) will pay dividends no market can guarantee.

They may all be part of your financial plan, but they serve completely different purposes.

Savings protect your short-term needs.
Investments grow your money.
Insurance protects your financial plan when life doesn’t go as planned.

The goal isn’t to choose one over the other.

It’s knowing when and why you need each one.
Don’t mix them up too early.

Understand the job before choosing the tool.

Book a free 1:1 consultation for your Insurance/Investment review ⬇️⬇️

https://info.shielacabucol.com/