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Estimate your RRSP balance at retirement and your annual retirement income from CPP, OAS, and personal savings. Plan how much to contribute each year to reach your retirement goals.
Canadian retirement planning involves three main income sources: the Canada Pension Plan (CPP), Old Age Security (OAS), and personal savings in RRSPs or TFSAs. CPP benefits depend on your contribution history and the age you start collecting, while OAS is available from age 65 and is clawed back at higher income levels. This calculator projects your RRSP balance at your target retirement age based on your current savings, annual contributions, and expected investment return. It then estimates your annual CPP benefit and shows how your total retirement income compares to your pre-retirement salary.
For 2025, the RRSP annual contribution limit is $31,560. Your personal limit is 18% of your prior year's earned income up to that maximum, plus any unused room carried forward from previous years. Unused room accumulates indefinitely and appears on your Notice of Assessment.
You can start CPP as early as age 60 (at a reduced rate of 0.6% per month before 65) or defer past 65 (gaining 0.7% per month up to age 70). If you are in good health, deferring to 70 can increase your monthly payment by up to 42% compared to starting at 65.
The maximum OAS monthly payment in 2025 is approximately $727 for those aged 65 to 74 and $800 for those 75 and older. OAS begins to be clawed back at net income over $90,997 and is fully clawed back around $148,000. You can defer OAS up to age 70 for an increased monthly benefit.
RRSPs give you a tax deduction today and tax-deferred growth, with withdrawals taxed as income in retirement. TFSAs offer no upfront deduction but tax-free withdrawals. RRSPs are generally better if your retirement income tax rate will be lower than your current rate. Many Canadians use both: RRSP for higher-income working years, TFSA for flexibility.
Have more questions? These calculators provide estimates for educational purposes only. For personalized financial advice, consult with a qualified financial professional. See our disclaimer for more information.