Canada Retirement Calculator
Plan your Canadian retirement with our calculator designed for the Canadian retirement system. Includes CPP optimization, RRSP planning, TFSA strategies, and OAS benefit calculations.
Calculate Canada Pension Plan and Old Age Security benefits. Find the optimal age to start receiving payments.
Plan contributions to RRSPs and TFSAs. Understand contribution limits and tax benefits for Canadians.
Estimate healthcare costs in retirement including prescriptions, dental, vision, and supplementary insurance.
Government Benefits
- ✓ Canada Pension Plan (CPP) benefit calculations
- ✓ Old Age Security (OAS) eligibility and amounts
- ✓ Guaranteed Income Supplement (GIS) considerations
- ✓ CPP claiming strategies (ages 60-70)
- ✓ OAS clawback calculations
- ✓ CPP survivor benefits planning
Personal Savings
- ✓ RRSP contribution room and deductions
- ✓ TFSA contribution limits and strategies
- ✓ Employer pension plan integration
- ✓ RRIF minimum withdrawal planning
- ✓ Spousal RRSP strategies
- ✓ Home Buyers' Plan (HBP) considerations
CPP Retirement Age
65
standard age
Average Life Expectancy
82
years
Average Inflation Rate
2.5%
historical average
RRSP Contribution Limit
C$31,560
2024 limit
FAQs - Canadian Retirement Planning
When should I start taking CPP in Canada?
You can start CPP as early as age 60 (with reduction) or delay until 70 (with increase). The standard age is 65. Our calculator helps you find the optimal claiming age for your situation.
Should I contribute to RRSP or TFSA?
RRSPs offer tax deductions now but taxable withdrawals later. TFSAs offer tax-free growth and withdrawals. Generally, use RRSPs if you expect lower taxes in retirement, TFSAs for flexibility.
How much do I need to retire in Canada?
Most Canadians need 70-80% of pre-retirement income. Our calculator factors in CPP, OAS, and your personal savings to determine your specific retirement needs.