You have a client aged 65 with $150 000 invested in a) an RRSP, b) a TFSA and c) an equal split between the two plans. Pre-RRIF returns on investments are 6%, and post-RRIF returns on investments are 4%. Assume monthly CPP premiums at $1000 (base), OAS benefits at $700 per month, and GIS at $700 per month. Assume a 20 year post retirement longevity.

PROVE: how much would this individual receive in pre tax income at age 80? would you recommend cpp deferral, and for how long? Would this individual be eligible for any tax credits, and if so how much? Which retirement savings strategy worked best for this client (the RRSP, the TFSA, or the equal split) and why?