I have RRSP and LIRA and was thinking of withdraw monthly from one of them. Which one is best option to withdraw money first. I have 250k in each account.
Is there any books or video that you can suggest.
Thanks for your great service
This is a bit too close to financial planning, which is not our area of expertise. Generally speaking, though, if an investor can stop taking capital gains for a period of time, it likely makes good sense to make withdrawals from registered accounts (either one) as long as one can withdraw an amount that keeps tax rate low. Another possible suggestion is to take capital gains one year and invest the proceeds in Canadian dividend stocks and not make registered withdrawals for a while. If a Canadian owns ONLY Canadian dividend stocks with eligible dividends, they can earn $48,000 or so completely tax free (the amount varies by province). There are companies such as RetireMint that have information online, as do companies such as Canada Life. IG Wealth also has some decent information online here.