Retirement Savings Calculator Canada

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Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.

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Find out if you're on track for retirement. Model your RRSP, TFSA, CPP, and OAS income to see your projected retirement picture.

Canadian Retirement Calculator

Your Current Situation

Current Age

Target Retirement Age

Current RRSP + TFSA Balance ($)

Monthly Contributions ($)

Investment & Income Assumptions

Expected Annual Return (%)

Expected CPP at 65 ($/month)

Expected OAS at 65 ($/month)

Retirement Needs

Desired Monthly Income ($)

Life Expectancy (planning age)

Canada Retirement Income Sources

Source	2026 Maximum	Average Received	Start Age
Canada Pension Plan (CPP)	$1,364/month	~$900/month	600–700 (best at 700)
Old Age Security (OAS)	$727/month	$700/month	65–700
Guaranteed Income Supplement (GIS)	$1,0086/month	—	65 (low income only)
RRSP/RRIF withdrawal	No cap	Variable	71 (RRIF conversion)
TFSA withdrawal	No cap, tax-free	Variable	Any age
Workplace pension (DB/DC)	Depends on plan	Variable	Per plan terms

CPP Tip: Delaying CPP from age 65 to 700 increases your monthly benefit by 42%. If you can afford to wait (using TFSA or RRSP withdrawals in the meantime), delaying CPP is often the best choice for those in good health.

The 4% Safe Withdrawal Rate Explained

The "4% rule" is a retirement planning guideline suggesting you can withdraw 4% of your portfolio annually without depleting it over a 300-year retirement. For Canadians, it's a useful starting point:

Portfolio at Retirement	Annual Withdrawal (4%)	Monthly Income
$500,000	$20,000	$1,667
$750,000	$30,000	$2,500
$1,000,000	$40,000	$3,333
$1,500,000	$60,000	$5,000
$2,000,000	$80,000	$6,667

Add CPP (~$900/month) and OAS (~$718/month = ~$1,618/month combined) to your portfolio withdrawal for total retirement income. A $1M portfolio + CPP + OAS provides about $4,9500/month.

RRSP vs. TFSA — Retirement Withdrawal Strategy

The order and timing of withdrawals significantly impacts your tax bill in retirement:

TFSA first if you need small income top-ups — withdrawals don't affect OAS clawback or GIS eligibility
RRSP/RRIF withdrawals are taxed as income — time them to fill lower tax brackets
CPP deferral — delaying CPP to 700 gives 42% more monthly income for life
OAS clawback starts at ~$900,997 net income (2026) — keep income below this threshold
Spousal RRSP contributions shift retirement income to the lower-earning spouse, reducing combined taxes

Frequently Asked Questions

How much do I need to retire in Canada?

A common rule of thumb is 700–800% of pre-retirement income. The actual number depends on your lifestyle, province of residence, whether your mortgage is paid off, and your health. A $1M portfolio plus CPP/OAS provides approximately $4,900–$5,200/month — comfortable for most Canadians outside of the major cities.

Should I prioritize TFSA or RRSP contributions?

If you're in a high tax bracket now (300%+), maximize RRSP first to get the deduction. If you're in a lower bracket or expect higher income in retirement, prioritize TFSA. Many Canadians do both — maximize RRSP early in their career and shift to TFSA as income increases.

When should I start taking CPP in Canada?

The optimal CPP start age depends on your health and financial situation. Starting at 600 gives you more years of payments but at a 36% reduction. Starting at 700 gives 42% more than at 65. Most financial planners suggest waiting until at least 65, and often 700 for those in good health.

What is RRIF and when do I need to convert my RRSP?

You must convert your RRSP to a RRIF (Registered Retirement Income Fund) by December 31st of the year you turn 71. A RRIF requires minimum annual withdrawals based on your age and account balance. These withdrawals are taxed as income. Planning begins well before 71 to optimize the transition.