Can I retire at 60 with $300K in Quebec?
A year-by-year projection with 2026 Quebec and federal tax, the average QPP, full OAS, RRIF minimums and the OAS clawback, in today's dollars.
Sustainable after-tax income to age 95
$25,000 / year
$2,083 a month, steady in today's dollars from age 60 to 95.
Your own numbers will differ. Run them with your QPP estimate, TFSA and pension in the retirement projection calculator, prefilled with this scenario.
How the money flows, year by year
For the first 5 years the RRSP pays for everything. From 65, QPP and OAS cover part of the spending and withdrawals fall. The RRSP becomes a RRIF by the end of the year you turn 71, after which a minimum must come out each year.
| Age | RRSP/RRIF out | QPP + OAS | Tax | After tax | Balance left |
|---|---|---|---|---|---|
| 60 | $27,484 | $0 | $2,484 | $25,000 | $276,987 |
| 65 | $7,244 | $17,920 | $0 | $25,164 | $176,703 |
| 72 | $7,889 | $17,920 | $0 | $25,809 | $140,471 |
| 80 | $7,080 | $17,920 | $0 | $25,000 | $96,420 |
| 90 | $7,080 | $17,920 | $0 | $25,000 | $35,945 |
| 95 | $7,080 | $17,920 | $0 | $25,000 | $1,811 |
First-year withdrawal $27,484. Total income tax to age 95: $12,421 ; no OAS clawback at this income.
Same savings, other provinces
- British Columbia $26,400
- Alberta $26,300
- Ontario $26,000
- Manitoba $25,700
- Quebec $25,000
Quebec uses the average QPP pension, the other provinces the average CPP.
With more or less saved
- $300K $25,000
- $500K $30,700
- $750K $37,300
- $1 Million $43,700
Decisions that change the answer
- QPP and OAS at 70: $26,600 a year instead of $25,000, $1,600 more, because larger indexed pensions replace withdrawals later. Compare start ages in the CPP and OAS start age calculator.
- GIS on top: with QPP and RRIF income this low, a single senior would likely also get about $296 a month of tax-free GIS from 65, which the figure above leaves out. See OAS and GIS payment amounts.
- Some savings in a TFSA: TFSA withdrawals are not taxed and do not count toward the OAS clawback or GIS. See the drawdown order calculator.
- A spouse: splitting RRIF income from 65 can lower the couple's tax. See the pension splitting calculator.
- Your real QPP: the projection uses Retraite Québec's average QPP pension for someone starting at 65 in 2026 ($8,770 a year, $730.83 a month), which assumes career earnings at half the maximum pensionable earnings. Your Statement of Participation in Retraite Québec's My Account gives your own figure.
Assumptions
- All $300K is in RRSPs at 60, invested half in bonds and a quarter each in Canadian and U.S. stocks.
- Returns and inflation from the FP Canada and Institute of Financial Planning 2026 Projection Assumption Guidelines: fixed income 3.2%, Canadian equities 6.3%, U.S. equities 6.4%, inflation 2.1%. Less 1.0% for fees, that is 3.8% a year, or 1.6% after inflation.
- Money lasts to age 95. The Guidelines put the age a 60-year-old has a 25% chance of reaching at 94 for men and 96 for women.
- Average QPP and the full OAS (ages 65 to 74 rate, $762.50 a month) from 65, single filer, 2026 tax rules held in today's dollars.
- Not included in the income figure: GIS, the 10% OAS increase at 75, a workplace pension, home equity and employment income.