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Calculators · Retirement income

Canadian Retirement Income Calculator

Will your savings last? This projects your registered (RRSP/RRIF, with the mandatory minimum withdrawals at 71), TFSA, LIRA/LIF and non-registered accounts alongside CPP and OAS, the OAS clawback, and pension income splitting for couples — then runs a Monte Carlo to estimate your chance of not outliving your money. Everything is in today's dollars. Educational only — not financial advice.

Your situation

Household

What the household wants to spend each year in retirement, after tax.

A conservative longevity. Many planners use 90–95+.

You
More detail (LIRA, FHSA, ACB, pension, contributions)

What you paid. The gain (balance − ACB) is taxed when sold.

40+ years = full OAS; fewer is pro-rated.

Assumptions

Nominal, before inflation.

How bumpy returns are, for the Monte Carlo.

Which accounts to spend down first. Always takes the mandatory RRIF minimum.

Click Calculate to update your results.

Enter your numbers to see the projection.

This is a planning illustration based on the assumptions you entered — not a substitute for personalized financial advice. See the full disclaimer.

Portfolio value through retirement

Total savings each year, today's dollars. The shaded band is the Monte Carlo range (10th–90th percentile) across return sequences; the orange line is the steady-return projection.

Where the money comes from

Gross income by source each year (steady-return projection). The dashed line is your after-tax spending target — the gap between the bars and the line is income tax (and any reinvested surplus).

What moves the needle

Probability of funding the full plan under one change at a time.

Year by year (steady-return projection, today's dollars)

This table foots to the projection above: opening balances + growth − withdrawals = closing balances; income − tax meets your target.

Educational, not advice. This is an illustration built from the assumptions you entered and 2026 tax/benefit rules — not a recommendation, a guarantee, or a tax return. Projected returns are uncertain and the Monte Carlo success rate is an estimate, not a promise. Marginal rates and credits are best estimates that don't capture every personal detail. Confirm anything important with a qualified professional and the Government of Canada.
How this is calculated (assumptions)
  • Today's dollars throughout. We project with a real return — (1 + your return) ÷ (1 + inflation) − 1 — so 2026 tax brackets, credits, CPP/OAS amounts and the clawback threshold stay valid every year without artificial bracket creep. Spending and indexed benefits hold their value; a non-indexed work pension loses purchasing power over time.
  • Defaults. Inflation defaults to 2.1% (the FP Canada Projection Assumption Guideline); the return defaults to ~7% nominal, net of a typical fee — a growth-tilted assumption you can lower (around 5% suits a balanced portfolio). Volatility is our own Monte Carlo assumption — FP Canada doesn't publish one.
  • Sequence-of-returns risk. The "probability of success" comes from running hundreds of randomized return sequences (a Monte Carlo), not a single straight line — a bad run of early returns hurts a retiree far more than the average suggests. The year-by-year table uses a single steady return (your assumption, with no volatility) so it stays readable and reconcilable — note this sits a little above the Monte Carlo median, since a bumpy path compounds to less than its average ("volatility drag").
  • RRSP → RRIF and minimums. Registered accounts convert to a RRIF by the end of the year you turn 71; the CRA's age-based minimum withdrawal is then forced each year (starting at 71, 5.28% and rising with age), is fully taxable, and any after-tax surplus is reinvested in a non-registered account.
  • Tax-aware drawdown. Each year we withdraw in the order you choose, always taking the RRIF minimum first, and solve for the exact gross withdrawal that funds your after-tax target. Per-year tax uses the combined federal + provincial marginal schedule (2026), minus the basic-personal, age (65+), and pension-income credits.
  • CPP & OAS timing. CPP is adjusted for your start age (−0.6%/month before 65, +0.7%/month after, ages 60–70). OAS can be deferred 65→70 (+0.6%/month), is pro-rated for under 40 years of residency, and gets the 10% bump at 75. The OAS recovery tax (clawback) is 15% of income above the threshold.
  • Couples. Two sets of accounts and benefits, with eligible pension income split toward equalizing taxable income (up to the 50% limit) to cut combined tax and clawback.
  • Survivor scenario. A separate stress assumes the higher-income spouse passes away at the age you set: accounts roll to the survivor tax-free (spousal rollover), the survivor keeps the larger CPP but loses one OAS, files taxes as a single (no more splitting), and spends the chosen share of the joint target (≈70% is a common planning figure — fixed costs don't halve). We report the survivor's own probability of success. The exact CPP survivor-pension/combined-maximum rule is approximated.
  • Estate value at the end is an after-tax estimate: registered balances are treated as fully taxable on a final return and non-registered gains are realized. No probate; the survivor scenario handles the first-death rollover but the end-of-plan estate doesn't model a second spousal rollover.
  • Known simplifications. Annual interest/dividend tax drag on the non-registered account isn't modelled (slightly favourable). LIF maximum withdrawals, provincial age/pension credits, CPP enhancement/sharing, and the full GIS/Allowance rules aren't modelled. Tax brackets are 2026; CPP/OAS/credit amounts use their latest (2025) indexed levels — in today's-dollar terms the small vintage gap is immaterial, but verify against the CRA and Service Canada.