Retirement Savings Calculator

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  RRSP, TFSA and Non-Registered contributions are assumed to continue to the retirement age you indicated.
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  TFSA contributions are assumed to fall under annual limits.
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  Contribution assumed to happen at the end of the year and returns are applied at the beginning of the year.
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  Planned retirement age is at the beginning of the year.
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  Income is assumed to grow at 2% per year.
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  Growth on non-registered savings and investments (aside from a TFSA) is assumed to be 100% taxable, based on your assumed marginal tax rate.
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  All income projections and contributions assume an inflation rate of 2% per year.
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  This tool assumes a monthly CPP/QPP payment of $600 in retirement to start, indexed to inflation.
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  This tool assumes a monthly OAS pension of $570 in retirement to start, indexed to inflation.
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  The assumed life expectancy is 92, at which point all savings will be depleted to zero.
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  This tool assumes a marginal tax rate based on your annual income and an average of all Canadian provinces. This estimate is based on the December 2021 federal and provincial tax rates.
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  Income projections are all after-tax based on the annual income you provided and an average rate of all Canadian provinces.
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  Any shortfall in savings is assumed to be made up of registered funds.
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  The results you received from this calculator are for your information only. The figures are not guaranteed, as they are based on assumptions that are certain to change. There is no guarantee of future performance.

To have the same lifestyle you're enjoying today you’ll need an average of 60 to 80% of your pre-retirement income throughout your retirement years. You may need more or less, depending on the retirement lifestyle you want.

This can include income from an income property, freelancing, part-time work, etc.

This includes the amount of income you expect to receive in retirement from your defined benefit pension plan (DBPP).

This includes other taxable, non-registered savings and investment accounts, such as your chequing and savings accounts.

This includes all of your registered accounts such as registered retirement savings plans (RRSPs), group RSPs, defined contribution pension plans (DCPP), locked-in RSPs/LIRAs, etc.

A TFSA lets you save for any purpose, without paying taxes on the investment growth. We are assuming your annual TFSA contributions are under the allowed limit.

Rates of return can vary among different kinds of investments and investment styles. For the purposes of this tool, the suggested range is 2% – 7%*.

^*For illustration purposes only, your rate of return may vary.