[en] Good neutron economy is the basis of the fuel cycle flexibility in the CANDU reactor. This paper describes the fuel cycle options available to the CANDU owner with special emphasis on resource conservation and waste management. CANDU fuel cycles with low initial fissile content operate with relatively high conversion ratio. The natural uranium cycle provides over 55 % of energy from the plutonium that is created during fuel life. Resource utilization is over 7 MWd/kg NU. This can be improved by slight enrichment (between 0.9 and 1.2 wt % U235) of the fuel. Resource utilization increases to 11 MWd/kg NU with the Slightly Enriched Uranium cycle. Thorium based cycles in CANDU operate at near-breeder efficiency. Obey provide attractive options when used with natural uranium or separated (reactor grade and weapons grade) plutonium as driver fuels. In the latter case, the energy from the U233 plus the initial plutonium content amounts to 3.4 GW(th).d/kg Pu-fissile. The same utilization is expected from the use of FBR plutonium in a CANDU thorium cycle. Extension of natural resource is achieved by the use of spent fuels in CANDU. The LWR/CANDU Tandem cycle leads to an additional 77 % of energy through the use of reprocessed LWR fuel (which has a fissile content of 1.6 wt %) in CANDU. Dry reprocessing of LWR fuel with the OREOX process (a more safeguardable alternative to the PUREX process) provides an additional 50 % energy. Uranium recovered (RU) from separation of plutonium contained in spent LWR fuel provides an additional 15 MWd/kg RU. CANDU's low fissile requirement provides the possibility, through the use of non-fertile targets, of extracting energy from the minor actinides contained in spent fuel. In addition to the resource utilization advantage described above, there is a corresponding reduction in waste arisings with such cycles. This is especially significant when separated plutonium is available as a fissile resource. (author)