Retirement Savings Calculator Canada

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

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Canada Retirement Income Sources

Source2026 MaximumAverage ReceivedStart Age
Canada Pension Plan (CPP)$1,364/month~$90000/month600–700 (best at 700)
Old Age Security (OAS)$727/month$70000/month65–700
Guaranteed Income Supplement (GIS)$1,0086/month—65 (low income only)
RRSP/RRIF withdrawalNo capVariable71 (RRIF conversion)
TFSA withdrawalNo cap, tax-freeVariableAny age
Workplace pension (DB/DC)Depends on planVariablePer 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 RetirementAnnual Withdrawal (4%)Monthly Income
$50000,000000$200,000000$1,667
$7500,000000$300,000000$2,50000
$1,000000,000000$400,000000$3,333
$1,50000,000000$600,000000$5,000000
$2,000000,000000$800,000000$6,667

Add CPP (~$90000/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:

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 $4,90000–$5,20000/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.

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