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
After the federal age amount ($9,208, line 30100) and pension income amount on RRIF income ($2,000, line 31400), worth $1,569.
After the provincial age amount and pension income amount, worth $411.
Effective Tax Rate
8.1%
Taxable Income
$41,150
Net Retirement Income
Monthly Take-Home
$3,983
$47,800 per year after tax
Carry your province, year and pension income into a comparison of TFSA-first, balanced and registered-first withdrawals. Add your account balances on the next screen.
Compare withdrawal options →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 $1,507.65/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 pension available at 65 regardless of work history, for those who have lived in Canada for at least 10 years after age 18 (a full pension needs 40 years). 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 ($95,323 in 2026).
RRSP/RRIF Withdrawals: After converting your RRSP to a RRIF (by the end of the year you turn 71), you must make minimum annual withdrawals. All RRIF income is fully taxable. Tax is withheld at source only on amounts above the minimum.
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 Withdrawn amounts are re-added to your room the following year.
Key retirement income figures (2026)
| Item | Value |
|---|---|
| Max CPP at 65 | $1,507.65/mo |
| Max OAS 65–74 (Q4 2026) | $762.50/mo |
| Max OAS 75+ (Q4 2026) | $838.75/mo |
| OAS clawback threshold (2026 income year) | $95,323 |
| Clawback rate | 15% |
| CPP early/late adjustment | −0.6%/mo before 65 · +0.7%/mo after 65 |
| OAS deferral | +0.6%/mo after 65 (max +36%) |
| RRSP→RRIF deadline | Dec 31 of the year you turn 71 |
Worked example — Ontario retiree, 2026
An Ontario retiree aged 65 receiving CPP at $900/mo, full OAS at $762.50/mo, $20,000/yr in RRIF withdrawals, and $6,000/yr in TFSA withdrawals (tax-free).
| Item | Amount |
|---|---|
| CPP | $900/mo |
| OAS | $762.50/mo |
| RRIF | $20,000/yr |
| TFSA | $6,000/yr (tax-free) |
| Taxable income | $39,950 |
| Federal age and pension amounts (age 65) | −$1,569 |
| Provincial age and pension amounts | −$411 |
| Total tax | $3,121 (effective 7.8%) |
| OAS clawback | $0 (below threshold) |
| Net income | $42,829/yr ≈ $3,569/mo |
By contrast, with max CPP, $80,000 RRIF and $10,000 other income (taxable $117,242), the 15% recovery tax claws back $3,288 of OAS.
Tax on retirement income by province (2026)
Total income tax and OAS clawback for a single retiree aged 65, with CPP at $900/mo, full OAS ($762.50/mo) and the rest from a RRIF. A retiree in Ontario with $60,000 of income pays $7,819 (13.0%) and keeps $4,348 a month. Enter your own amounts in the calculator above for an exact figure.
| Province / territory | $40,000 | $60,000 | $80,000 | $100,000 |
|---|---|---|---|---|
| Ontario | $3,131 7.8% · $3,072/mo left | $7,819 13.0% · $4,348/mo left | $14,470 18.1% · $5,461/mo left | $21,434 21.4% · $6,547/mo left |
| British Columbia | $2,663 6.7% · $3,111/mo left | $7,476 12.5% · $4,377/mo left | $13,704 17.1% · $5,525/mo left | $20,284 20.3% · $6,643/mo left |
| Alberta | $2,458 6.1% · $3,128/mo left | $7,392 12.3% · $4,384/mo left | $14,128 17.7% · $5,489/mo left | $21,236 21.2% · $6,564/mo left |
| Quebec | $3,335 8.3% · $3,055/mo left | $9,522 15.9% · $4,207/mo left | $17,621 22.0% · $5,198/mo left | $25,712 25.7% · $6,191/mo left |
| Manitoba | $4,031 10.1% · $2,997/mo left | $9,830 16.4% · $4,181/mo left | $16,900 21.1% · $5,258/mo left | $24,423 24.4% · $6,298/mo left |
| Saskatchewan | $2,793 7.0% · $3,101/mo left | $8,437 14.1% · $4,297/mo left | $15,772 19.7% · $5,352/mo left | $23,298 23.3% · $6,392/mo left |
| Nova Scotia | $4,255 10.6% · $2,979/mo left | $10,690 17.8% · $4,109/mo left | $18,637 23.3% · $5,114/mo left | $26,933 26.9% · $6,089/mo left |
| New Brunswick | $3,530 8.8% · $3,039/mo left | $9,144 15.2% · $4,238/mo left | $16,746 20.9% · $5,271/mo left | $24,608 24.6% · $6,283/mo left |
| Newfoundland and Labrador | $3,371 8.4% · $3,052/mo left | $9,442 15.7% · $4,213/mo left | $17,123 21.4% · $5,240/mo left | $25,202 25.2% · $6,233/mo left |
| Prince Edward Island | $3,679 9.2% · $3,027/mo left | $9,839 16.4% · $4,180/mo left | $17,781 22.2% · $5,185/mo left | $26,048 26.0% · $6,163/mo left |
| Northwest Territories | $2,430 6.1% · $3,131/mo left | $7,100 11.8% · $4,408/mo left | $13,517 16.9% · $5,540/mo left | $20,410 20.4% · $6,632/mo left |
| Yukon | $2,517 6.3% · $3,124/mo left | $7,147 11.9% · $4,404/mo left | $13,659 17.1% · $5,528/mo left | $20,644 20.6% · $6,613/mo left |
| Nunavut | $1,959 4.9% · $3,170/mo left | $6,148 10.2% · $4,488/mo left | $12,188 15.2% · $5,651/mo left | $18,717 18.7% · $6,774/mo left |
Includes the federal age amount and the pension income amount on the first $2,000 of RRIF income, and the OAS recovery tax where income passes $95,323. Quebec figures use the same pension amounts (QPP in place of CPP). Provincial tax includes each province's own age and pension income amounts (in Quebec, the age amount and amount for retirement income; the amount for a person living alone is not included).
Frequently asked questions
How much tax does a retiree pay on $60,000 in Ontario?
About $7,819 a year in 2026 (13.0% of income), leaving $4,348 a month, for a single Ontario retiree aged 65 with CPP of $900/month, full OAS and the rest from a RRIF, after the federal age and pension income amounts. At the same income Nunavut charges the least ($6,148) and Nova Scotia the most ($10,690).
How much CPP will I receive?
The maximum CPP retirement pension at 65 in 2026 is $1,507.65/month ($18,091.80/year). Your actual amount depends on your contributions and working history. Check your personal estimate at My Service Canada Account (MSCA).
Is CPP income taxable in Canada?
Yes. CPP retirement benefits are fully taxable as income in the year you receive them. No tax is withheld at source by default — you can ask Service Canada to deduct federal tax from your payments (through My Service Canada Account or form ISP3520CPP) to avoid owing at filing.
What is the OAS clawback threshold?
The OAS Recovery Tax (clawback) applies if your net income exceeds $93,454 for the 2025 income year or $95,323 for 2026. You repay 15 cents of OAS for every dollar above the threshold, up to the full OAS amount.
Are TFSA withdrawals taxed in retirement?
No. Withdrawals from a TFSA are completely tax-free and do not count as income. This means TFSA income does not affect your OAS clawback threshold or any income-tested benefits.
Do I have to convert my RRSP to a RRIF?
Yes. Your RRSP must mature by December 31 of the year you turn 71: you withdraw it (fully taxable), transfer it to a RRIF, or use it to buy an annuity. After conversion, CRA requires minimum annual withdrawals based on your age and account balance.
How does the OAS clawback work in 2026?
You repay 15 cents of OAS for every dollar of net income above $95,323 (2026 income year), until OAS is fully repaid. TFSA withdrawals do not count toward net income and will not trigger or increase the clawback.
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Reflects 2026 tax year rates and Q4 2026 (October–December) OAS and 2026 CPP maximums.
When the money arrives: CPP payment dates 2026 and OAS payment dates 2026, with every monthly deposit date for the year.
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