Retirement Simulator for Canada

All amounts are in today's purchasing power: nominal returns are deflated by the inflation assumption and contributions are held constant in real terms. CPP: the base component replaces 25 % of average pensionable earnings (today's salary held flat, capped at the year's maximum pensionable earnings) over the contributory period from 18 to the claiming age, after the general drop-out of 17 % of the months and the years with a child under 7, indexed by the average of the last five years' maximum (69,180 dollars for 2026); the enhancement adds 8.33 % of the earnings up to the maximum counted from 2019 (at 15, 30, 50 and 75 % for 2019 to 2022) and 33.33 % of the earnings between the maximum and the additional maximum from 2024 (7 % above it in 2024, 14 % after), both averaged over a fixed 40 years; the claiming factor is 0.6 % per month before 65 and 0.7 % per month after, to 70; a statement figure (estimate at 65) replaces the salary estimate and is scaled by the years actually worked; the pension is indexed to prices, so held in real terms, and the confidence setting is a haircut. A claim while still working keeps the factor of its age and is counted from the age work stops. Quebec residents get the same amounts under the QPP. OAS: the full pension with 40 years of residence after 18, 1/40 per year from 10 years, 0.6 % more per month of deferral after 65 to 70, 10 % more from 75; the recovery tax of 15 % of each return's net income above 95,323 dollars is charged in the same year. The Guaranteed Income Supplement is paid tax-free on the previous plan year's income other than OAS (CPP, pensions, RRIF withdrawals, half the realised gains, a partner's wages after the exemption of the first 5,000 dollars and half of the next 10,000), on the single formula (base reduced by one dollar per two of income, top-up by one per four above its threshold) or the couple formula (per four and per eight of combined income; the single maximum reduced on the combined income while the spouse is not on OAS), only while OAS is in payment; the first retirement year uses this year's pensions plus the rest of the target as income. Tax: the 2026 federal brackets (14 % to 33 %) less the credits at 14 % on the basic personal amount (phased down above 181,440 dollars), the age amount at 65 (reduced by 15 % of net income above 46,432 dollars), the pension income amount on eligible pension income (2,000 dollars, nominal) and the employment amount on wages; the provincial or territorial brackets of 2026 less the province's own basic, age and pension amounts at its lowest rate (Quebec's age and retirement income amounts reduced together by 18.75 % of family income above 42,955 dollars); the Quebec abatement of 16.5 %; the Ontario surtax of 20 % above 5,818 dollars and 36 % above 7,446 dollars of provincial tax and the Ontario Health Premium by taxable income (nominal bands). A couple files two returns: each person's CPP, OAS and wages stay on their own return; the RRIF withdrawals of the household (one pool of both RRSPs and locked-in accounts) and the splittable halves of defined benefit pensions are allocated between the two returns to minimise the household's tax including the recovery tax, which stands for pension income splitting, CPP sharing and the choice of whose RRSP to draw; from the death of one spouse the survivor files a single return. Accounts: RRSP and locked-in balances (plus the partner's RRSP) are one income pot whose withdrawals are ordinary income, grossed up through the tax function; the RRSP opens at retirement, the locked-in account at 55 at the earliest (no LIF maximum); RRIF minimums are forced from 72 at the prescribed factor of the first person's age (5.40 % at 72, 20 % from 95), taxed, and reinvested in the non-registered account where the year does not spend them. The TFSA is never taxed. The non-registered account is taxed on half of the gain share of each withdrawal at the year's marginal rate on top of the pensions (cost basis from the unrealised gain plus later savings) and on its taxable yield every year. Contributions: the RRSP up to 18 % of salary or the dollar limit, the employer contribution on top, the TFSA up to the yearly limit, the monthly savings into the non-registered account; all stop at retirement. Draw order: the RRIF up to the room under the top of the lowest federal bracket on the returns (one bracket per return), then the non-registered account, then the TFSA, then the RRIF again; or the non-registered account first. Survivor scenario: the deceased's CPP, OAS and GIS stop; the survivor gets 60 % of the deceased's pension at 65 (the flat rate of 238.17 dollars a month plus 37.5 % before 65), the base part combined with the survivor's own base pension up to the maximum base pension at 65 and the enhanced part on top; the defined benefit pension continues at its survivor share; the accounts pass to the survivor; spending steps down to the share you set. A working partner's gross salary is taxed on their return with the employee CPP and EI premiums as a cost. The headline income is the highest level monthly spending, in today's money, that the year-by-year run can finance to the plan age without a shortfall in any year. Not modelled: the post-retirement benefit, CPP sharing as such, the LIF maximum, carried-forward contribution room, the dividend tax credit, provincial low-income reductions, the Allowance and the Allowance for the Survivor, the death benefit, health and drug plan premiums. Estimates only, not financial or tax advice. Signed-in users are prefilled from their profile, pension accounts and registered investment accounts; until confirmed on the profile, the gross salary is estimated as the monthly net income times 12 divided by 0.74.