How to have the most tax-efficient retirement income plan

I am 59 years old, semi-retired and live in Ontario. I have $302,000 in my non-registered investment account (mostly Canadian equities), $133,000 in my TFSA (in equities), and $287,000 in my RRSP (in equities). I have three non-registered GICs, in 1-, 2- and 3-year terms, all earning approximately 4.3%. Each contains $25,000. Lastly, I have a savings account with $20,000 earning 4.250%.

I am single, have no kids, no debt and own my home (valued at approximately $250,000). I have no company pension.

I have recently transitioned to part-time work and earn approximately $15,000 per year. I supplement my income with money from another small savings account.

By 65, I will be entitled to $1,150 per month and I will receive the maximum amount from OAS.

I plan on an income in retirement of $45,000 after tax.

My questions are:

  • With respect to tax, what is the most efficient method to draw down my investments if I fully retire at 60?
  • Do I have enough money to fully retire at 60?


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