Retirement calculator for Canada

For a retirement from 65 to 90, typically about 18 to 25 times the part of your first-year spending that CPP, OAS and any workplace pension don't cover. For example, C$5,000 a month today becomes about C$125,900 a year in 30 years at 2.5% inflation, so savings of roughly C$2.3 to 3.1 million before government benefits. CPP and OAS together often cover a large share of a modest budget, so most people need much less. Enter your own numbers above for an exact figure.

Both pay for life and rise with inflation, so every dollar they pay is a dollar your savings don't need to cover. CPP depends on your contributions over your career; OAS depends on how long you have lived in Canada after 18. This quick calculator assumes no other income; for a quick estimate, enter your monthly spending minus your expected CPP and OAS in today's dollars. Your CPP estimate is in My Service Canada Account. The full planner adds both from the ages you choose.

CPP can start at any age from 60 to 70: it is 0.6% lower for each month before 65 (36% less at 60) and 0.7% higher for each month after (42% more at 70). OAS starts at 65 and can be delayed to 70 for 0.6% more per month (36% more at 70); it also rises 10% at 75. Delaying usually pays off if you are healthy and have savings to live on in the meantime, because the higher payment is guaranteed and inflation-protected for life.

If your net income is above a threshold, OAS is reduced by 15% of the excess (the OAS recovery tax). For 2026 income the threshold is $95,323, which affects payments from July 2027 to June 2028, and OAS is fully clawed back at about $155,000. Large RRIF withdrawals and capital gains can trigger it; TFSA withdrawals don't count as income.

By the end of the year you turn 71. From the next year you must withdraw a minimum share of the RRIF each year, starting at 5.28% of the balance in that first year and rising with age, and every withdrawal is taxed as income. You can convert earlier and base the minimum on a younger spouse's age to keep it lower. Drawing some RRSP money in your 60s, before CPP and OAS start, can avoid larger taxable withdrawals later.

For 2026, the TFSA limit is $7,000, and someone eligible since 2009 has $109,000 of total room; withdrawals are added back to your room the next year. The RRSP limit is 18% of last year's earned income, up to $33,810 for 2026, minus any pension adjustment from a workplace plan, plus unused room from earlier years. Check your own room in CRA My Account.

Around 2.5% is a reasonable long-term assumption for Canada. The Bank of Canada targets 2%, the middle of a 1 to 3% range, but prices have risen faster in some years. Health costs not covered by your province, such as drugs and dental, usually rise faster. If you are unsure, test 3% to see how much more you would need.

Plan until at least 90, and to 95 if you are healthy or your family tends to live long. Many Canadians who reach 65 live into their late 80s or 90s, and running out of money at 85 is a much bigger problem than leaving some behind.

Raising what you invest by 2 to 5% a year, in line with pay rises, can cut the starting amount you need by a lot, because later, larger contributions do much of the work. The TFSA and RRSP limits are indexed to inflation, so there is usually room to grow.

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