Should Douglas start drawing down RRSPs to minimize tax?

“We have a great life together,” said Douglas. “We travel a lot, and plan to continue to do more of the same.” Douglas’s annual expenses are about $43,200 including $6,000 for travel. His annual income is about $48,300 before tax. This includes about $24,000 from a locked-in retirement account (LIRA) that is not indexed to inflation, $3,380 in employer benefits, $12,100 in Canada Pension Plan (CPP) benefits and $8,600 in Old Age Security (OAS) payments. Anne’s annual income is similar.