Canadian Retirement Income Calculator
Combine CPP, OAS, RRSP/RRIF, and TFSA withdrawals to see your monthly take-home pay in retirement — with accurate provincial tax and OAS clawback calculations.
Your Retirement Details
Find your CPP and OAS benefit amounts in your My Service Canada Account statement.
Income Breakdown
Tax on Retirement Income
Effective Tax Rate
12.0%
Taxable Income
$40,904
Net Retirement Income
Monthly Take-Home
$3,839
$46,071 per year after tax
Not sure when to start CPP or OAS?
Find your optimal start age with breakeven analysis →How it works: CPP and OAS are taxable income. RRSP/RRIF withdrawals are fully taxable. TFSA withdrawals are tax-free and excluded from your taxable income. The OAS Recovery Tax (clawback) applies at 15 cents per dollar above $95,323 (2026). This calculator uses annual averages — your actual OAS benefit is indexed quarterly by CRA.
Canadian Retirement Income Sources
Canada Pension Plan (CPP): A contributory pension paid monthly based on your work history. The maximum 2026 rate is approximately $1,433/month. You can start as early as age 60 (reduced by 0.6%/month) or delay to age 70 (increased by 0.7%/month). CPP is fully taxable.
Old Age Security (OAS): A universal pension available at 65 regardless of work history. You can defer to age 70 for a 0.6% monthly bonus. OAS is taxable and subject to a 15% Recovery Tax if your net income exceeds the threshold (~$95,000 in 2026).
RRSP/RRIF Withdrawals: After converting your RRSP to a RRIF at age 71, you must make minimum annual withdrawals. All RRIF income is fully taxable. Withholding tax applies at source.
TFSA Withdrawals: Completely tax-free. TFSA income does not affect your OAS threshold, GIS eligibility, or any income-tested benefit. Withdrawn amounts are re-added to your room the following year.
Related retirement tools
RRSP Calculator
Calculate RRSP contribution tax savings during your working years.
RRSP Withdrawal Calculator
See withholding tax and actual tax on a single RRSP withdrawal.
TFSA Calculator
Project your TFSA balance and track contribution room.
CPP & EI Calculator
Calculate CPP contributions and EI premiums during working years.
Related Calculators
- Income Tax Calculator — Federal and provincial tax for all provinces
- RRSP Withdrawal Tax Calculator — Withholding and actual tax on RRSP withdrawals
- Dividend Tax Calculator — Eligible and non-eligible dividend taxation
- Capital Gains Tax Calculator — 50% inclusion rate