How can Paul and his wife save tax on their $2-million portfolio?

Q. My wife and I are recently retired and have a portfolio of about $2 million in dividend paying stocks, pipelines, utilities and some exchange-traded funds (ETFs) tracking Canadian and U.S. high dividends stocks as well as S&P 500 and world equity shares. We also have $900,000 in guaranteed investment certificates (GICs) and hig...