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CA · figures checked 9 Nov 2026
Later life · Canada

Can I retire at 60? Canada retirement calculator

Your RRSP and RRIF, CPP, OAS, GIS and savings, year by year to 95, with federal and provincial tax and the OAS clawback worked out each year. See how long your money lasts and what retiring at 60, 62 or 65 changes.

Your money lasts to

85

Retiring at 60, spending $50,000 a year in today’s money.

Pensions and savings at retirement
$767,713
Years to bridge before CPP and OAS
5
Earliest age your money lasts to 95
63
Spending a year that lasts to 95
$45,100
Tax in retirement (today’s money)
$169,532

From 60 you bridge 5 years before CPP and OAS from savings and your RRIF. GIS adds $40,659 in today’s money. To last to 95, spend about $45,100 a year, or $4,900 less.

You
Pensions
Savings and spending
Assumptions and more options

How each year of retirement is paid for

Income after tax from each source, against your spending (the line).

  • CPP
  • OAS
  • GIS
  • UK State Pension
  • Work (DB) pension
  • Pay (still working)
  • RRIF withdrawals
  • Savings
  • Not covered
  • Spending

Retire at 60, 62 or 65?

Same savings and spending; only your retirement age changes (and when you draw your pension). Tap one to use it.

Money left: savings and pensions

Year by year

Amounts in today’s money. Shaded rows: still working. Red rows: spending not covered.

AgeYearPayCPPOASGISDB and UK pensionsRRIFTax and OAS clawbackIncome after taxSpendingFrom savingsNot coveredSavings leftRRSP and RRIF left
552027$85,000$0$0$0$0$0$13,526$58,825–$0–$89,400$532,700
562028$85,417$0$0$0$0$0$13,620$59,094–$0–$97,276$556,006
572029$85,835$0$0$0$0$0$13,714$59,365–$0–$105,230$579,934
582030$86,256$0$0$0$0$0$13,808$59,636–$0–$113,262$604,499
592031$86,679$0$0$0$0$0$13,904$59,909–$0–$121,372$629,717
602032$0$0$0$0$0$0$0$0$50,000$50,000–$72,562$645,151
612033$0$0$0$0$0$21,083$1,257$19,827$50,000$30,173–$43,100$639,880
622034$0$0$0$0$0$21,632$1,415$20,217$50,000$29,783–$13,740$633,931
632035$0$0$0$0$0$41,604$5,478$36,125$50,000$13,875–$0$607,865
642036$0$0$0$0$0$59,033$9,033$50,000$50,000$0–$0$563,731
652037$0$13,200$9,150$0$0$34,517$6,867$50,000$50,000$0–$0$543,031
662038$0$13,200$9,150$0$0$34,512$6,862$50,000$50,000$0–$0$521,829
672039$0$13,200$9,150$0$0$34,553$6,902$50,001$50,000$0–$1$500,066
682040$0$13,200$9,150$0$0$34,658$7,009$49,999$50,000$1–$0$477,665
692041$0$13,200$9,150$0$0$34,651$7,001$50,000$50,000$0–$0$454,721
702042$0$13,200$9,150$0$0$34,644$6,994$50,000$50,000$0–$0$431,223
712043$0$13,200$9,150$0$0$34,636$6,986$50,000$50,000$0–$0$407,156
722044$0$13,200$9,150$0$0$34,629$6,979$50,000$50,000$0–$0$382,506
732045$0$13,200$9,150$0$0$34,622$6,972$50,000$50,000$0–$0$357,260
742046$0$13,200$9,150$0$0$34,615$6,965$50,000$50,000$0–$0$331,402
752047$0$13,200$10,065$0$0$33,693$6,958$50,000$50,000$0–$0$305,832
762048$0$13,200$10,065$0$0$33,686$6,951$50,000$50,000$0–$0$279,641
772049$0$13,200$10,065$0$0$33,679$6,944$50,000$50,000$0–$0$252,816
782050$0$13,200$10,065$0$0$33,673$6,938$50,000$50,000$0–$0$225,340
792051$0$13,200$10,065$0$0$33,666$6,931$50,000$50,000$0–$0$197,196
802052$0$13,200$10,065$0$0$33,660$6,925$50,000$50,000$0–$0$168,369
812053$0$13,200$10,065$0$0$33,654$6,919$50,000$50,000$0–$0$138,842
822054$0$13,200$10,065$0$0$33,648$6,913$50,000$50,000$0–$0$108,597
832055$0$13,200$10,065$0$0$33,642$6,907$50,000$50,000$0–$0$77,617
842056$0$13,200$10,065$0$0$33,636$6,901$50,000$50,000$0–$0$45,883
852057$0$13,200$10,065$0$0$33,631$6,896$50,000$50,000$0–$0$13,376
862058$0$13,200$10,065$0$0$13,704$2,598$34,371$50,000$0$15,629$0$0
872059$0$13,200$10,065$0$0$0$437$22,828$50,000$0$27,172$0$0
882060$0$13,200$10,065$5,082$0$0$433$27,915$50,000$0$22,085$0$0
892061$0$13,200$10,065$5,081$0$0$428$27,918$50,000$0$22,082$0$0
902062$0$13,200$10,065$5,082$0$0$424$27,923$50,000$0$22,077$0$0
912063$0$13,200$10,065$5,085$0$0$419$27,931$50,000$0$22,069$0$0
922064$0$13,200$10,065$5,085$0$0$464$27,886$50,000$0$22,114$0$0
932065$0$13,200$10,065$5,081$0$0$481$27,865$50,000$0$22,135$0$0
942066$0$13,200$10,065$5,081$0$0$476$27,870$50,000$0$22,130$0$0
952067$0$13,200$10,065$5,083$0$0$470$27,877$50,000$0$22,123$0$0

How the calculator works

  1. Until you retire your pay rises each year, you and your employer pay into your RRSP or pension (deducted from income up to 18% of pay), and it grows. CPP and EI come off your pay.
  2. At your conversion age (by the year you turn 71) the RRSP becomes a RRIF; from the next year at least the minimum comes out each year, taxed as income.
  3. CPP starts at the age you choose, OAS at 65 to 70 (pro rata to your years in Canada, 10% more from 75), and GIS is added on a low income.
  4. Each year of retirement your spending is paid first from income after tax, then from savings (TFSA), then from extra RRIF withdrawals, taking the tax and OAS clawback on them into account.
  5. Tax is federal plus your province’s, with the basic, age, pension and employment amounts, for each of you every year, with pension splitting for couples.
  6. Today’s money: amounts are in today’s dollars; the plan starts in 2027 using the 2026 tax amounts (the 2027 indexation was not yet published).

The rules, and where each comes from

  • Federal tax 2026: 14% to $58,523, 20.5% to $117,045, 26% to $181,440, 29% to $258,482, 33% above. Source, read 9 November 2026.
  • Federal credits 2026: basic personal amount $16,452 (down to $14,829 between $181,440 and $258,482 of net income), age amount $9,208 reduced by 15% of net income over $46,432, pension income amount $2,000, Canada employment amount $1,501; indexation 2.0% (2027 not yet published). Source, read 9 November 2026.
  • Provincial and territorial brackets, Ontario surtax ($5,818 / $7,446) and Health Premium, CPP and EI credits (payroll formulas, July 2026: BC lowest rate 5.6%, PEI 20% over $200,000, NL basic amount $13,094 for 2026). Source, read 9 November 2026.
  • Provincial basic, age and pension amounts 2026 (TD1 forms for each province and territory). Source, read 9 November 2026.
  • Pension income amount: RRIF payments count from 65, life annuities from a pension plan at any age; OAS and CPP never; foreign pensions count. Source, read 9 November 2026.
  • Pension income splitting: up to 50% of eligible pension income to a spouse or common-law partner; RRIF income from 65. Source, read 9 November 2026.
  • CPP 2027: YMPE $76,700, YAMPE $87,400; RRSP limit $35,390 (2027). Source, read 9 November 2026.
  • EI 2027: 1.64% on insurable earnings up to $70,800. Source, read 9 November 2026.
  • CPP maximum at 65 $1,507.65 a month (2026); OAS Oct-Dec 2026 $762.50 (65-74), $838.75 (75+); GIS single $1,138.90, each of a couple on OAS $685.56; CPP 5.95% from $3,500, CPP2 4%. Source, read 9 November 2026.
  • CPP from 60 to 70: 0.6% less a month before 65 (36% at 60), 0.7% more a month after 65 (42% at 70). Source, read 9 November 2026.
  • OAS: years lived in Canada after 18 / 40 (10 minimum), 10% more from 75. Source, read 9 November 2026.
  • OAS deferral: 0.6% more a month after 65, up to 36% at 70; no GIS while deferring. Source, read 9 November 2026.
  • OAS recovery tax: 15% of net world income over $95,323 (2026 income year). Source, read 9 November 2026.
  • GIS: base reduced $1 for each $2 of monthly income (couples: combined income / 24), top-up reduced by a quarter of income over $2,000 ($4,000 couples); last year's income without OAS and GIS, less $5,000 of pay and half the next $10,000 (OAS Act ss.12-12.1). Source, read 9 November 2026.
  • GIS rate tables Oct-Dec 2026 (open data): our formula reproduces every row for single pensioners and couples who both get OAS. Source, read 9 November 2026.
  • RRIF minimum: 1/(90 - age) under 71, then 5.28% at 71 rising to 20% at 95 (Income Tax Regulations s.7308). Source, read 9 November 2026.
  • RRSPs mature by the end of the year you turn 71; RRIF minimum on the value at 1 January, none in the year the RRIF starts. Source, read 9 November 2026.
  • The UK State Pension is not increased for people living in Canada (frozen at the rate when you claim). Source, read 9 November 2026.
  • Pounds per Canadian dollar 0.53114: ECB reference rates on 6 November 2026 (£0.83415 and C$1.5705 per euro); an input you can change. Source, read 9 November 2026.

Not included: Quebec, the Allowance for a partner aged 60 to 64, GIS when only one partner gets OAS, provincial low-income reductions and senior supplements (except Saskatchewan’s amount), the CPP post-retirement benefit, CPP sharing, tax on non-registered investment income (enter savings growth after tax), annuities. GIS top-up formula reproduces Service Canada’s Oct-Dec 2026 tables (max $1138.90 single). Growth, inflation and spending are your assumptions; markets can fall. General information, not advice: for a decision about your pension, talk to a qualified financial adviser. By DecisionsCalc.

Frequently asked questions

Can I retire at 60 with $500k in Canada?

For the example here (Ontario, age 55, $500,000 in RRSPs, $80,000 in a TFSA, spending $50,000 a year after tax, CPP and full OAS at 65) the money lasts to 85; the spending that lasts to 95 is about $45,100 a year. With $1 million it lasts past 95. The answer depends most on your spending and the years before CPP and OAS start.

What is the earliest I can retire in Canada?

The earliest age at which your money lasts to 95: 63 for the example plan. CPP can start from 60 (36% less than at 65) and OAS from 65, so retiring earlier means more years living on your RRSP and savings.

When should I start CPP and OAS?

CPP: from 60 to 70, 0.6% less for each month before 65 and 0.7% more for each month after (up to 42% more at 70). OAS: from 65 to 70, 0.6% more for each month you wait (36% at 70). Waiting pays more for life but leaves more years to bridge; change the start ages above and compare the age your money lasts to.

What is the OAS clawback in 2026?

The OAS recovery tax takes back 15% of your net income above $95,323 (2026 income year), up to the OAS you receive. RRIF withdrawals, CPP, pensions and a foreign pension all count; TFSA withdrawals do not. The calculator works it out for each of you every year, after pension splitting.

How much is the RRIF minimum withdrawal?

On the value at 1 January: 1 ÷ (90 − your age) before 71 (4% at 65), then a set table from 5.28% at 71 to 20% from 95. There is no minimum in the year you open the RRIF, and the RRSP must become a RRIF by the end of the year you turn 71.

Will I get the Guaranteed Income Supplement?

Only on a low income. GIS is up to $1,138.90 a month for a single pensioner and $685.56 each for a couple who both get OAS (October to December 2026), reduced by last year’s income except OAS (the first $5,000 of pay is not counted). RRIF withdrawals count, so GIS usually starts only once the RRIF is small. The calculator works it out each year from the previous year’s income.

Can we split pension income?

Yes: a spouse or common-law partner can be given up to half of your eligible pension income (RRIF withdrawals from 65, a workplace pension at any age), which can lower tax and the OAS clawback. The calculator evens out your incomes each year when it helps; untick it to see the difference.

Which provinces does it cover?

Every province and territory except Quebec, with 2026 brackets, basic, age and pension amounts, and Ontario’s surtax and Health Premium. Quebec has its own pension plan (QPP) and tax return, which this calculator does not model yet.

I worked in the UK. Is my UK State Pension frozen in Canada?

Yes. Paid to someone living in Canada, the UK State Pension stays at the rate when you first claim it and does not rise. Enter your UK qualifying years or gov.uk forecast: the calculator pays it in pounds from your UK State Pension age, converts it at the rate you set, taxes it in Canada and counts it for the OAS clawback and GIS.

How much CPP will I get?

Your My Service Canada account shows your estimate at 65. The maximum at 65 is $1,507.65 a month in 2026; most people get less. Enter your own figure at 65 and the age you plan to start; the calculator applies the early or late adjustment.

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