Canadian Retirement Income Calculator
This free Canadian retirement income calculator estimates how much income you may have from CPP, OAS, a workplace pension, RRSP or RRIF withdrawals, TFSA withdrawals, and other savings or investments. Enter your figures to see estimated annual retirement income, estimated monthly retirement income, and the amount supplied by each source. The result also provides an estimated after-tax view to help you compare projected income with the spending your retirement may require. It is a planning estimate, not a guarantee of future income or investment sustainability.
Age & province
Province
All annual amounts
Max 2026: ~$17,196/yr
Max 2026: ~$8,732/yr
Your retirement income
Estimated Retirement Income
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per year
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per month
Gross planning estimate based on the entries and methodology shown below.
🧾Est. Annual Tax
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Slide to calculate
✅Est. After-Tax Income
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Slide to calculate
Data sources & methodology — see full methodology · editorial standards
Income projections combine your CPP/OAS estimates with a 4% drawdown from RRSP/RRIF and TFSA balances, plus pension and rental income. The 2026 progressive tax estimate applies ordinary-income brackets and core credits to CPP, OAS, pension, RRSP/RRIF, rental, and the modelled non-registered withdrawal; TFSA withdrawals are excluded from taxable income. Capital-gain and dividend treatment is not modelled.
Sourced from: Service Canada — Retirement income sources, CRA — RRIF minimum withdrawals
What Counts as Retirement Income in Canada?
Retirement income can come from guaranteed, market-based, taxable, and tax-free sources. Understanding the role of each makes the total estimate more useful.
CPP
A taxable monthly benefit based mainly on your contribution history and the age you begin.
Estimate CPP →OAS
A taxable residence-based benefit whose amount can vary and may be recovered at higher income.
Estimate OAS →RRSP / RRIF
Withdrawals create cash flow and are generally included in taxable income.
Explore RRSP income →TFSA
Withdrawals are generally tax-free and do not normally reduce federal income-tested benefits.
Explore TFSA savings →Employer pension
A defined benefit pension can provide scheduled taxable payments based on plan terms.
Estimate pension income →Non-registered investments
Interest, dividends, capital gains, and withdrawals may each receive different tax treatment.
Plan withdrawal order →Other retirement income
Rental, part-time work, annuity, or other recurring income can supplement the core sources.
Check retirement readiness →Example: Building Retirement Income in Canada
This illustrative example shows how several sources can combine. It is not a recommendation, a typical amount, or a guaranteed result.
| Income source | Monthly | Annual |
|---|---|---|
| CPP | $950 | $11,400 |
| OAS | $725 | $8,700 |
| Workplace pension | $1,200 | $14,400 |
| RRSP/RRIF | $1,000 | $12,000 |
| TFSA / other savings | $625 | $7,500 |
| Total retirement income | $4,500 | $54,000 |
How Much Retirement Income Do I Need in Canada?
The answer depends on expected spending, housing costs, debt, retirement age, lifestyle, taxes, pensions, CPP and OAS, and how long the plan may need to last. A replacement-rate percentage can be a rough starting point, but it is not a rule. A detailed spending budget gives the calculator a more personal benchmark.
Monthly vs. Annual Retirement Income
Annual income helps compare benefits, withdrawals, and taxes across a full year. Monthly income is easier to match against housing, groceries, utilities, transportation, and discretionary spending. The result above displays both views from the same calculation, without changing the underlying estimate.
How CPP and OAS Affect Your Retirement Income
CPP and OAS can provide indexed retirement income, but payment amounts and suitable starting dates vary. Review your Service Canada estimates and the effect of starting earlier or later.
How RRSP, RRIF and TFSA Savings Create Retirement Income
RRSP and RRIF withdrawals generally create taxable income, while TFSA withdrawals generally do not. The timing and mix can affect tax and how long savings last, so keep detailed strategy on the dedicated planning pages.
Retirement Income vs. Retirement Savings: What's the Difference?
Retirement savings
The assets accumulated in RRSPs, TFSAs, workplace plans, and other investment accounts.
Retirement income
The money available to spend from government benefits, pensions, investment income, and withdrawals.
Having $1 million saved does not by itself reveal sustainable retirement income. Returns, withdrawal timing, taxes, inflation, fees, and longevity determine how those assets translate into spendable cash flow.
How This Retirement Income Estimate Works
CPP, OAS, workplace pension, and rental income are used as entered. RRSP/RRIF and TFSA income are modelled as a four percent first-year withdrawal from each balance. That is a simple planning assumption—not a government minimum, a personal recommendation, or a promise that withdrawals will last for life.
The selected province is used for an estimated tax view. Actual tax can differ because of credits, deductions, pension splitting, capital gains, dividends, benefit recovery rules, and other personal circumstances. Review your plan as tax rules, benefit estimates, spending, and markets change.
Retirement Income Calculator FAQs
How much retirement income will I have in Canada?
Your amount depends on your CPP and OAS benefits, pensions, savings, withdrawals, investment returns, taxes, and other income. Enter your own estimates above to see a combined annual and monthly projection.
How do I calculate my retirement income?
Add recurring benefits and pensions to planned withdrawals or income generated by savings. Then account for tax and divide the annual total by 12 for a monthly view. This calculator combines those sources automatically.
What counts as retirement income in Canada?
Common sources include CPP, OAS, workplace pensions, RRSP or RRIF withdrawals, TFSA withdrawals, non-registered investments, rental income, employment income, and other recurring cash flow.
How much monthly income do I need in retirement?
There is no universal amount. Start with expected housing, food, transportation, health, tax, travel, and other spending, then include a margin for irregular costs and compare that budget with projected after-tax income.
Does retirement income include CPP and OAS?
Yes. CPP and OAS can form part of retirement income, although eligibility, payment amounts, start dates, indexing, and possible OAS recovery tax vary by person.
How do RRSP withdrawals affect retirement income?
RRSP and RRIF withdrawals provide cash flow but are generally included in taxable income. Withdrawal size and timing can therefore affect income tax and income-tested benefits.
Is TFSA income taxable in retirement?
TFSA withdrawals are generally tax-free and do not normally affect federal income-tested benefits. Investment returns earned inside the TFSA are also generally not taxed.
How much income can my retirement savings generate?
It depends on the balance, withdrawal rate, investment returns, fees, inflation, and how long the money must last. This calculator uses a simple first-year withdrawal assumption for planning, not a guarantee.