Quick Start Guide

Document Status

Version: 2.0.0 Last Updated: 2026-04-26 Classification: Public – User Guide

How This Calculator Works

This Canadian Retirement Calculator simulates your financial future year-by-year, considering:

  • CPP (Canada Pension Plan) – Adjustable start age (60-70) with actuarial adjustments

  • OAS (Old Age Security) – Clawback threshold at ~$86,912 net income (2025)

  • Tax – Full federal + provincial tax calculation with credits (BPA, Age Amount, PITC)

  • Withdrawal Strategy – Budget-based or fill-the-bracket optimization

  • RRIF Conversion – Mandatory at age 71 with minimum withdrawal factors

Form Tabs Explained

Tab

What You Enter

Mode

Single or couple calculation

Personal

Age, income, province, life expectancy

Savings

TFSA, RRSP, non-reg balances and contributions

Budget

Retirement spending phases (go-go, slow-go, no-go)

Benefits

CPP/OAS/GIS settings, workplace pensions (DBPP/DCPP), additional income sources

Assumptions

Withdrawal strategy, priority order, custom injections/expenses

Withdrawal Strategies

Budget-Based (Default)

Only withdraw what is needed to cover the budget. This minimizes taxes and preserves capital in tax-advantaged accounts.

Fill the Bracket

Withdraw extra RRSP/RRIF funds up to the top of your current tax bracket. This is an RRSP meltdown strategy that reduces future mandatory RRIF withdrawals and smooths taxable income across more years.

Income is sequenced automatically. Each year the calculator first collects mandatory income — CPP, OAS, GIS, employer pensions, and other annuities — then only draws from portfolio accounts (in your chosen priority order) if mandatory income does not cover the budget.

Action Buttons

Button

What It Does

Compare All Provinces

See how taxes differ across all 13 provinces/territories

Export CSV

Download year-by-year data as a spreadsheet

Export Excel

Download a formatted multi-sheet workbook

Export PDF

Download a professional PDF report with charts

Print

Browser print dialog for a paper report

Account Types

TFSA (Tax-Free Savings Account)

  • Contributions from after-tax dollars

  • All growth and withdrawals are 100% tax-free

  • Withdrawn last to maximize tax-free compounding

RRSP / RRIF (Registered Retirement Savings Plan)

  • Contributions are tax-deductible

  • All withdrawals are 100% taxable as income

  • Must convert to RRIF by age 71 with mandatory minimum withdrawals

Workplace Pensions (DBPP/DCPP)

  • DBPP (Defined Benefit): Guaranteed retirement income based on a formula (years of service x accrual rate x average salary). May include a bridge benefit until CPP starts. Eligible for pension income splitting.

  • DCPP (Defined Contribution): You and your employer contribute to an investment account. At retirement, the balance converts to a LIF (Locked-In Retirement Fund) with mandatory annual withdrawals, similar to a RRIF.

  • Common Canadian plans (OTPP, OMERS, HOOPP, etc.) are available as pre-filled presets

Non-Registered (Cash)

  • Interest is 100% taxable

  • Capital gains are 50% taxable

  • Cost basis (principal) is not taxed on withdrawal

Getting Started

  1. Select Single or Couple mode

  2. Enter your current age, retirement age, and life expectancy

  3. Enter your savings balances (RRSP, TFSA, Cash)

  4. Set your retirement budget across the three spending phases

  5. Configure CPP and OAS start ages

  6. Add any workplace pensions (DBPP or DCPP) in the Benefits tab

  7. Click Calculate My Retirement Plan

  8. Review the summary, charts, and year-by-year data

Tip

New to Canadian retirement planning? Read the Retirement Planning Guide for a comprehensive overview of CPP, OAS, GIS, TFSA, RRIF, and the key strategies that can save you thousands in retirement.

Need help gathering your numbers? See the Data Preparation Guide for a step-by-step checklist.