You don’t need a million‑dollar portfolio to have a retirement plan.

There is no single number. It depends on what you want to spend each month, when you retire, and how much CPP, OAS and GIS you receive. Government benefits cover part of most retirements, so savings only need to fill the gap.

For context, Statistics Canada reports a 2024 median after-tax income of about $83,200 a year (about $6,930 a month) for senior families, and $38,600 a year for seniors living alone. These are incomes, not spending targets.

RetirePay Canada works backward from the monthly amount you want to spend, after tax and in today's dollars, and shows whether your savings and benefits could support it to the age you plan for.

How much do you need to retire in Canada? →

It depends on your spending, retirement age, province and government benefits. Someone with CPP and OAS from 65 already has a base of lifetime income, and savings top it up.

The same $500,000 can support very different monthly spending depending on when you retire, the return you assume, and the order you withdraw from RRSP and TFSA. RetirePay Canada's free estimate shows the monthly spending your own savings and benefits could support.

How much do you need to retire in Canada? →

That's the main question RetirePay Canada answers. It combines your CPP, OAS, GIS, pensions and savings, applies 2026 tax, and finds the highest after-tax monthly amount your plan could support to the age you choose.

It also shows the same figure with returns one percentage point lower each year, so you can see how sensitive the answer is. Both are projections, not guarantees.

Many people do, but the years before government benefits start are usually paid from savings. CPP can start at 60, at 36% less than at 65. OAS normally starts at 65, and GIS only once OAS is paid.

Retiring earlier also means fewer years of saving and more years of withdrawals. RetirePay Canada's Compare Retirement Ages page puts up to three retirement ages side by side with the rest of your plan unchanged.

RetirePay Canada doesn't recommend a start age, but it shows the trade-off for your plan. CPP is 0.6% lower for each month before 65 (36% less at 60) and 0.7% higher for each month after 65 (42% more at 70).

Starting later pays more each month for life but means fewer payments. Starting earlier can mean drawing less from savings in the early years. Health, other income and a spouse's needs also matter. The app compares your results at different CPP and OAS start ages.

CPP start-age calculator →

Your CPP depends on how much and for how long you contributed. In 2026 the maximum new pension at 65 is $1,507.65 a month, and the average new pension at 65 was about $858 a month (July 2026). Most people receive less than the maximum.

Your own estimate is in your My Service Canada Account. Enter it in RetirePay Canada and the app adjusts it for the age you choose to start.

CPP start-age calculator →

For October to December 2026, the full OAS pension is $762.50 a month at ages 65 to 74 and $838.75 from 75. Amounts are adjusted for inflation every quarter.

You need 40 years living in Canada after age 18 for the full amount. With 10 to 39 years you get 1/40 of the full pension for each year. Higher incomes can lose part of OAS to the clawback.

OAS clawback 2026 calculator →

The OAS clawback, officially the OAS recovery tax, reduces OAS by 15% of each person's net income above an annual threshold. RetirePay Canada uses $95,323 for 2026.

RRSP/RRIF withdrawals, CPP, pensions and other taxable income all count toward it. TFSA withdrawals do not. RetirePay Canada shows the clawback separately in your year-by-year schedule.

OAS clawback 2026 calculator →

The Guaranteed Income Supplement is a monthly, non-taxable benefit for people who receive OAS and have a lower income. The amount depends on your income, or your and your spouse's combined income, not counting OAS.

For October to December 2026, a single person can receive up to $1,138.90 a month, and GIS stops once their income reaches $23,112 a year. For a couple who both get OAS, each can receive up to $685.56 a month, and it stops at a combined income of $30,528.

RRSP/RRIF withdrawals, CPP and pensions count as income for GIS. TFSA withdrawals do not. RetirePay Canada estimates GIS for each year of your plan, so you can see whether you might qualify.

GIS income limits and eligibility calculator →

RetirePay Canada doesn't tell you which to choose, but it shows how the order changes your results. RRSP and RRIF withdrawals are taxable income, and they count toward the OAS clawback and GIS. TFSA withdrawals are tax-free and don't count as income for either.

That's why the order you draw from your accounts can change your monthly income. RetirePay Canada compares several drawdown orders side by side so you can see the difference for your own numbers.

By the end of the year you turn 71, an RRSP has to be converted, usually to a RRIF. From then on a minimum percentage must come out each year, whether you need the money or not.

The minimum rises with age: for example 5.40% at 72, 6.82% at 80, and 20% from 95. RRIF withdrawals are taxable and count toward the OAS clawback and GIS. RetirePay Canada applies these minimums automatically and shows them in your schedule.

RRIF minimum withdrawal table and calculator →

The 4% rule is a rule of thumb from US research: withdraw 4% of your savings in the first year, then adjust that amount for inflation. It doesn't account for CPP, OAS, GIS, Canadian tax, RRIF minimums or the order you withdraw from accounts.

RetirePay Canada works year by year with your own numbers instead of a fixed rate, so government benefits and tax are part of the answer.

The Canada Pension Plan pays a monthly pension based on what you contributed while working. You can start it any time from 60 to 70.

Starting before 65 lowers it by 0.6% for each month early (36% less at 60). Starting after 65 raises it by 0.7% for each month late (42% more at 70). RetirePay Canada shows your CPP at each start age.

You can find your own estimate in your My Service Canada Account.

Old Age Security is a monthly benefit that most people can start at 65. You need at least 10 years living in Canada after age 18. A full pension needs 40 years; otherwise you get 1/40 of the full amount for each year.

You can delay OAS up to age 70 for 0.6% more for each month you wait, and it goes up 10% at age 75.

The Allowance is a tax-free benefit for a person aged 60 to 64 whose spouse or common-law partner receives OAS and qualifies for GIS. It depends on the couple's combined income and stops at 65.

For couples, RetirePay Canada can include it when you say the eligibility rules are met.

RetirePay Canada is a retirement planning app for everyday Canadians. You enter when you'd like to retire, how much you'd like to spend each month, and what you have in CPP, OAS, RRSP, TFSA and other savings.

It then shows the monthly retirement paycheque those sources could provide, whether your targets last to the age you plan for, and how the order you draw from your accounts changes the result.

RetirePay Canada is planned as a free download for iPhone, with a free estimate and an optional one-time purchase to unlock the Full Plan. The download button will link to the App Store when the app is available. An Android version isn't available yet.

The App Store will show the Full Plan price before you buy it. There is no subscription.

There is no account or sign-in. The app does not ask for your personal name, SIN, or bank, card or account numbers. Its optional name field labels an income source.

In the app, your plan is saved on your device and calculated there; it is not sent to our servers. The website's estimate runs in your browser and its entries are not sent to RetirePay Canada. Cloudflare, our website host, does receive technical request information such as your IP address and the page or file requested. Apple handles in-app purchases. Exports and device backups may create copies; see our Privacy and Data Saving policies.

No. There is no sign-up and no sign-in. Open the app and start entering your plan.

No. RetirePay Canada is an educational planning tool. It shows estimates based on the figures you enter and the assumptions you choose, and it does not recommend any product, account or investment.

Talk to a qualified professional before you act on anything it shows you.

They are estimates. RetirePay Canada uses 2026 federal and provincial tax brackets, 2026 CPP figures, and the official October–December 2026 OAS, GIS and Allowance tables, together with the investment return and inflation you choose.

Results are shown in today's dollars, which means after inflation, so $4,000 a month means what $4,000 buys today. Real returns, tax rules and benefit rates will differ, so treat the numbers as a guide.

Yes. Choose 'Couple' and enter both people's ages, CPP, OAS residence years and savings. RetirePay Canada works out household income and tax for each person, including GIS and the Allowance where they apply.

RetirePay Canada includes 2026 tax for every province and territory except Quebec.

Quebec plans aren't supported yet, because Quebec has its own pension plan (QPP) and a separate provincial tax return.

Yes. With the Full Plan, the Year-by-Year page shows every year of your plan, and 'Export as CSV' lets you open it in Excel, Numbers or Google Sheets, or share it with an advisor. The file includes the same disclaimer as the app.

Email us at support@retirepay.ca. Please don't include your financial details; we don't need them to help you.