Frequently Asked Questions

The calculator uses real 2024 CRA rules for CPP and OAS, actual contribution room limits for RRSP ($31,560 max) and TFSA ($7,000/yr), and real provincial tax brackets for all 10 provinces. Projections are estimates based on the inputs you provide and assumptions about future investment returns and inflation — they're not guaranteed outcomes. For high-stakes decisions, always verify with a licensed financial advisor or your My Service Canada account.

All figures in the results are shown in today's dollars — meaning they've already been adjusted to account for inflation. So if it says your monthly income will be $5,000, that means the equivalent purchasing power of $5,000 today, even if the actual dollar amount in 20 years is higher due to inflation. This makes it easier to understand what your retirement income will actually feel like.

These apply to the destination cost estimates in the Where Can I Retire and Year-by-Year tabs:

• Frugal — basics only. Shared or budget housing, cooking most meals at home, local transport only. Roughly 65% of the Comfortable estimate.
• Comfortable — the baseline. Private rental, dining out 2–3 times per week, one international trip per year, occasional taxis.
• Luxury — premium apartment or house, frequent dining and travel, comforts and conveniences. Roughly 150% of the Comfortable estimate.

These are individual (per person) estimates, not per couple.

No. Everything runs 100% in your browser. None of your financial inputs — income, savings, age, or anything else — is ever sent to a server or stored anywhere. The only thing that touches our servers is your license key validation (to confirm you have access). Your numbers never leave your device.

The Year-by-Year tab simulates every year of your retirement, showing exactly:

• How much CPP and OAS you receive that year
• Which savings accounts are drawn down (TFSA first — tax-free, then RRSP/RRIF, then non-registered)
• Your total income and spending for the year
• Your remaining balance in each account at year-end

You can also select a retirement destination city and lifestyle to recalculate the drawdown against that city's real costs instead of your target income.

Non-registered contributions only happen when your annual savings exceed your TFSA room ($7,000/yr) and RRSP room (18% of income, max $31,560). If your total annual savings fit within those two registered accounts, nothing overflows to non-registered. For example, if you save $15,000/yr and your RRSP room is $16,200 — TFSA gets $7,000 and RRSP gets $8,000, leaving $0 for non-reg. Any existing non-registered balance you entered still grows at your investment return rate, it just receives no new contributions.

The most accurate way is to check your My Service Canada Account at canada.ca/my-service-canada. Log in and look for "Statement of Contributions" under CPP — it shows your projected monthly benefit at age 60, 65, and 70 based on your actual contribution history. The 2024 maximum CPP at 65 is $1,364.60/month, but most Canadians receive significantly less depending on their work history.

It depends on your health, other income, and longevity. Here's how the math works:

• Taking at 60: reduced by 7.2% per year before 65 = 36% less than at 65
• Taking at 65: your standard amount
• Taking at 70: enhanced by 8.4% per year after 65 = 42% more than at 65

The breakeven point for deferring to 70 vs taking at 65 is roughly age 82–84. If you expect to live past that, deferring to 70 pays off. If you have health concerns or need income now, taking it earlier may make sense. The calculator shows both scenarios so you can compare.

Old Age Security (OAS) is a monthly payment from the federal government available to Canadians 65 and older. The 2024 base amount is $713.34/month at age 65. To receive the full amount, you must have lived in Canada for at least 40 years after age 18. If you've lived here for fewer than 40 years, you receive a partial benefit (1/40th per year of residence, minimum 10 years to qualify at all). You can defer OAS to age 70 for a 36% boost.

The OAS Recovery Tax (clawback) reduces your OAS payments if your net income exceeds $90,997 in 2024. For every dollar above that threshold, you repay 15 cents of OAS. At around $148,000 in income, OAS is fully clawed back. This is why drawing from your TFSA first in retirement is smart — TFSA withdrawals don't count as income, so they don't trigger the clawback. Large RRSP withdrawals in the same year could push you over the threshold.

GIS is a tax-free monthly benefit for low-income OAS recipients. In 2024, single seniors with income below roughly $21,000 (excluding OAS) may qualify. The benefit reduces by 50 cents for every dollar of other income. If you have significant RRSP, pension, or investment income, you likely won't qualify. Enable the GIS toggle in the calculator only if you expect your retirement income to be modest.

• RRSP → RRIF: Contributions are tax-deductible (lower tax now), but withdrawals in retirement are taxed as income. Must convert to RRIF by age 71 with mandatory minimum withdrawals each year.
• TFSA: Contributions are after-tax (no deduction), but growth and withdrawals are completely tax-free. No mandatory withdrawals. Doesn't affect OAS clawback calculations.

The calculator draws TFSA first (tax-free), then RRSP/RRIF, then non-registered — which is the optimal withdrawal order for most Canadians to minimise lifetime tax.

The 2024 annual TFSA limit is $7,000. If you've never contributed and were 18 or older in 2009 when the TFSA launched, your total accumulated room is $95,000 as of 2024. Unused room carries forward indefinitely. Withdrawals in one year add that amount back to your contribution room the following January 1st.

Your RRSP room is 18% of your previous year's earned income, up to a maximum of $31,560 in 2024. If you have a defined benefit (DB) pension, a Pension Adjustment reduces your RRSP room — which is why many pension members have little or no RRSP room. Your exact room is shown on your CRA Notice of Assessment each year, or you can check it at My CRA Account.

You must convert your RRSP to a RRIF (Registered Retirement Income Fund) by December 31st of the year you turn 71. Once converted, you must withdraw a minimum percentage each year (starting around 5.28% at age 71, increasing each year). These withdrawals are fully taxable as income. Many people start drawing from their RRIF before 71 to spread the tax burden over more years and avoid being pushed into a higher bracket later.

The FHSA was introduced in 2023 as a hybrid RRSP/TFSA for first-time home buyers:

• Contributions: Up to $8,000/yr, $40,000 lifetime maximum. Fully tax-deductible (like RRSP).
• Withdrawals for a first home: 100% tax-free — you keep every dollar including growth.
• If you never buy a home: You can transfer the balance to your RRSP or RRIF at any time, tax-free. The transfer doesn't use any of your remaining RRSP contribution room — it's a straight roll-over.
• Deadline: The FHSA must be closed by December 31st of the year you turn 71 (or 15 years after opening, whichever is earlier). Any remaining balance must be transferred to your RRSP/RRIF or withdrawn and taxed as income.

In the calculator, if you enter an FHSA balance and choose "Not used for a home," it's transferred to your RRSP pool and converts to a RRIF at 71 — taxed identically to RRSP on withdrawal. If you choose "Already used for a home purchase," it's excluded entirely from the projection.

The RESP (Registered Education Savings Plan) is designed for a child's education, not your retirement. By the time most people are seriously planning retirement, their RESP is either:

• Fully used — drawn down by your child for post-secondary education. Nothing to enter.
• Partially used — remaining balance after education is done.
• Collapsed — if no child uses it, the government grants (CESG) are returned to the government. Your original contributions come back tax-free. Any investment growth is withdrawn as an AIP (Accumulated Income Payment) — taxed as regular income in the year of withdrawal, plus a 20% penalty tax on top.

What to enter in the calculator: If you expect to have residual RESP money by retirement (e.g. unused after a child's education), estimate the after-tax proceeds — contributions are tax-free, growth is taxable at your marginal rate plus 20% — and enter that net amount as Other Non-Registered Savings. Do not enter the gross RESP balance directly.

The RDSP is a highly specialized account for Canadians who are eligible for the Disability Tax Credit (DTC). It's not included as a separate field in the calculator because the rules are complex enough that a general model could produce misleading results:

• Government contributions: Canada Disability Savings Grants (up to $3,500/yr) and Canada Disability Savings Bonds (up to $1,000/yr for low income) — but these must be held for at least 10 years or they're clawed back on withdrawal.
• Withdrawals (LDAPs): Lifetime Disability Assistance Payments must begin by age 60. Only the government grants, bonds, and investment growth are taxable — your original contributions come out tax-free.
• Holdback rules: If you withdraw within 10 years of receiving a grant or bond, the government claws back $3 for every $1 withdrawn up to the amount received in the last 10 years.

What to do: Work with a financial planner who specialises in disability planning (look for the CDFA or CFP designation with disability experience). For a rough estimate in the calculator, you can enter the expected after-tax LDAP annual income under Other Income — but the exact modelling requires specialist advice.

Cost estimates are sourced from Numbeo, Expatistan, and NomadList 2024–25 data, converted to CAD. They represent individual (per person) annual costs at a comfortable lifestyle, covering housing, food, transport, healthcare, utilities, leisure, and miscellaneous expenses. They're research-quality estimates — actual costs vary by neighbourhood, personal habits, and exchange rate fluctuations. Always do on-the-ground research before committing.

Yes — provincial health insurance (MSP, OHIP, etc.) generally requires you to be physically present in Canada for at least 6 months per year to maintain eligibility. If you retire abroad full-time, you lose provincial coverage. You'll need to budget for private international health insurance or rely on the destination country's healthcare system. Many expat retirees buy comprehensive international health insurance for $2,000–6,000 CAD/year depending on age and coverage. Within Canada, moving to a different province also requires re-registering with that province's plan.

Yes — both CPP and OAS can be paid to you anywhere in the world. Non-residents have 25% withholding tax deducted from OAS and CPP payments (reduced to 15% if Canada has a tax treaty with your country of residence). You can request a reduction in withholding tax by filing an NR5 form with CRA if eligible.

The withholding happens before the money leaves Canada — not based on your bank account abroad. Here's how it works in practice:

• CPP and OAS: Service Canada withholds the tax directly from your monthly payment before it's sent. If you receive $1,200/mo CPP and the withholding rate is 25%, Service Canada deposits $900 into your account and remits $300 to CRA. The money your foreign bank account receives is already net of withholding — CRA never touches your overseas account.
• RRSP / RRIF withdrawals: Your Canadian financial institution (bank, broker) is legally required to withhold before releasing any funds. If you ask Scotia or TD to withdraw $50,000 from your RRIF, they hold back $12,500 (25%) and send it to CRA before wiring you the rest. Again — it's handled entirely in Canada.
• TFSA withdrawals: No withholding, ever. Canada does not withhold tax on TFSA withdrawals for non-residents. The full amount is sent to you.

How does CRA know you're a non-resident? You are responsible for notifying CRA when you leave Canada and become a non-resident. You do this by filing a departure return for the year you leave, and completing Form NR73 (Determination of Residency Status) or simply informing your financial institution of your new address. Once Service Canada and your bank know you're a non-resident, they automatically apply the correct withholding rate. If you don't inform them, they'll continue to treat you as a Canadian resident — which means no withholding but potentially a large tax liability when CRA catches up.

Each destination card in the tool shows the visa requirements. In summary:

• Portugal: D7 Passive Income Visa — ~€1,070/mo income. Path to permanent residency.
• Mexico: Temporary Resident Visa — ~$1,300 CAD/mo income. Permanent after 4 years.
• Thailand: OA Retirement Visa — ~$32K CAD in a Thai bank or ~$2,600/mo income. Annual renewal.
• Panama: Pensionado Visa — $1,000/mo pension. Immediate permanent residency and major discounts.
• Georgia: No visa needed — Canadians get 365 days visa-free with no income requirement.

Visa rules change — always verify with the destination country's embassy or a licensed immigration lawyer.

When you sever residential ties with Canada and become a non-resident, you generally stop paying Canadian income tax on foreign income and stop filing Canadian tax returns — except for Canadian-source income like CPP, OAS, RRSP/RRIF withdrawals, and rental income, which remain subject to withholding tax. You may also trigger a "deemed disposition" on certain assets when you leave. This is a complex area — consult a cross-border tax specialist before making the move. Many expats use firms like Madan CA or Andersen in Canada.

After Stripe processes your payment, you'll receive a license key by email (format: CRP-XXXXX-XXXXX-XXXXX). Go to the tool and enter that key to activate your device. Once activated, your browser remembers access — you won't need to enter the key again on that device. Access is tied to 1 device. If you switch devices, go to manage.html to transfer your license.

1. Check your spam/junk folder — transactional emails from new domains often land there.

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4. Still nothing? Email us at contact us with your payment receipt and we'll activate you manually within a few hours.

The magic link email is sent to your purchase email when you enter your license key in the tool. If it's not arriving:

• Check spam/junk — look for subject "Activate your Canadian Retirement Planner device"
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• Still nothing? Email us at contact us with the email address you used to purchase — we'll activate your device manually.

Go to canadianretirementplanner.ca/manage on your old computer, enter your license key, and click Remove on your old device. Then open the tool on your new computer, enter your key when prompted, and activate. If you no longer have access to your old computer, use our contact form with your license key and we'll transfer it for you within 24 hours — free.

This happens when your browser's local storage was cleared (e.g. after clearing cookies or using a new browser). Your license is still valid — you just need to re-enter your key. On the homepage, click "Already have a license key?" and enter your key. Or go directly to canadianretirementplanner.ca/tool.html?activate=true which opens the key entry screen directly.

All sales are final — we do not offer refunds. Before purchasing, you can review exactly what's included on the features page and explore the tool to make sure it meets your needs. If you have any questions before buying, use our contact form and we'll answer them.

Lifetime access means one payment, no subscription, no annual fees. You'll also receive any future updates to the tool at no extra charge — including new destinations, updated CPP/OAS rates, and new features. As long as the tool exists, your license is valid. We're committed to keeping it running and updated with current Canadian retirement rules.

No — Canadian Retirement Planner is an independent tool, not affiliated with the Government of Canada, CRA, Service Canada, or any financial institution. It's built by an independent developer to help Canadians understand their retirement options. Always verify CPP and OAS estimates at your official My Service Canada Account.