Retirement Planning

Making withdrawals from your RRSP - Canada Revenue Agency         

Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan. This site has information about tax's and RRSP withdrawals.

Canada's retirement income system - Service Canada 

To help you better plan for your retirement, it is important to understand the Canadian retirement income system. There are three main sources of retirement income that you may be able to draw from:

â—¾your personal savings and investments;

â—¾government pension benefits; and

â—¾employer pensions.

Government pension benefits provide a modest base on which to build your retirement income.

Canadian Government Annuities - Service Canada        

The Canadian Government Annuities Branch administers contracts on behalf of individuals who have contributed towards the purchase of an annuity either on their own or through their employers as part of a pension plan.

Registered Retirement Savings Plan (RRSP) - Revenue Canada Agency

The main site for RRSP information from Revenue Canada.

Seniors and Banking - Office of Consumer Affairs. Consumer Measures Committee           

Banks offer many different accounts, with very different features and costs.You need to decide which services you need and then do some comparison shopping. This is a comprehensive guide for seniors and banking.

Benefits for Seniors in Ontario - Canada Benefits           

Information and forms for all available government benefits for seniors living in Ontario

Old Age Security Payment Amounts - Service Canada  

Charts and information showing the maximum and average monthly amounts for Old Age Security (OAS), Guaranteed Income Supplement (GIS) and the Allowances, as well as the maximum annual income to be eligible for these benefits.

General Information About The Canada Pension Plan - Service Canada

Allowance Program - Service Canada      

The Allowance is a monthly benefit for low-income seniors (aged 60-64) whose spouse or common-law partner is eligible for, or currently receiving, the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS).  Delivered by: Service Canada on behalf of Human Resources and Skills Development Canada (HRSDC)

Canada Pension Plan Retirement Pension - Service Canada  

The Canada Pension Plan (CPP) Retirement Pension provides a monthly taxable benefit to retired contributors.

Old Age Security (OAS) Program - Service Canada      

The Old Age Security program, the cornerstone of Canada's retirement income system, provides you with a modest pension at age 65 if you have lived in Canada for at least 10 years. If you are a low-income senior, you may be eligible for other benefits as early as age 60.

RRSP options when you turn 71 - Canada Revenue Agency     

December 31 of the year you turn 71 is the last day that you can contribute to your RRSPs.

Canada Pension Plan (CPP) & Credit Splitting Upon Divorce or Separation - Service Canada      

The Canada Pension Plan (CPP) can provide benefits to you when you retire or become disabled, and to your survivors when you die. The amount is based on how long and how much you contributed to the CPP and, in some cases, your age when you begin receiving the benefit.

Pension income splitting - Canada Revenue Agency

You (the pensioner) may be able to jointly elect with your spouse or common-law partner (the pension transferee) to split your eligible pension income if you meet all of the requirements.

Registered Retirement Savings Plans and Registered Retirement Income Funds (RRSPs/RRIFs) - Canada Revenue Agency      

A registered retirement savings plan (RRSP) is an arrangement between an individual and an issuer (an insurance company, a trust company or a bank) under which retirement income commences at maturity. Contributions are made by individuals and are deductible under the Income Tax Act. Earnings in the plan remain tax-free and payments out of an RRSP are taxable on receipt.

A registered retirement income fund (RRIF) is an arrangement between a carrier (an insurance company, a trust company or a bank) and an annuitant under which payments are made to the annuitant of a minimum amount each year. The property under a fund is derived only as a result of a transfer of funds from another RRIF, an RRSP or a registered pension plan and annual amounts must commence to be paid to the annuitant immediately. Property and earnings in a RRIF are tax-exempt and amounts paid out of a RRIF are taxable on receipt.

Seniors - Canada Revenue Agency    

Topics/services specifically for seniors.

Canadian Retirement Income Calculator - Service Canada     

The Government of Canada has developed this calculator to help you plan for retirement. The calculator takes you step by step through an estimate of the ongoing income you may receive throughout your retirement from:

â—¾Old Age Security (OAS);

â—¾Canada Pension Plan (CPP) or Quebec Pension Plan (QPP);

â—¾employer pension(s);

â—¾Registered Retirement Savings Plans (RRSPs); and

â—¾other sources of ongoing income.

Phased Retirement - Office of the Superintendant of Financial Institutions Canada  

On March 31, 2009, changes to the Pension Benefits Standards Act (PBSA) were brought into force to accommodate phased retirement.  In addition, amendments to the Pension Benefits Standards Regulations (PBSR) were passed that set out disclosure requirements for phased retirement.

Retirement Abroad - Foreign Affairs and International Trade Canada     

Retirement Planning Checklist - Service Canada 

Financial tools and information for planning your retirement.

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