Estimate how much you may need for retirement in Canada based on your age, savings, monthly contributions, RRSP, TFSA, workplace pension, CPP, and OAS.
Your numbers
Enter your current savings, contributions, and expected retirement income sources to estimate whether you are on track.
About you
Current savings
Contributions
Canadian retirement income
Simple rule:
If your employer is adding money now, use Workplace contributions now. If you expect a pension that pays you monthly later, use Workplace pension at retirement.
Your retirement estimate
Add your age, income target, savings, and retirement income sources to see whether you are on track.
Projected savings
—
Monthly retirement income
—
Monthly gap
—
Coverage
—
Keep your savings organized
Retirement planning is easier when short-term savings and long-term investments are separated.
A simple place to keep cash savings accessible while you plan for bigger financial goals.
Takes a few minutes. No minimum deposit.
Disclosure: we may receive referral compensation if you open an account through a partner link.
How it works
This calculator estimates your retirement picture by combining personal savings, monthly contributions, workplace support, CPP, OAS, and other income sources.
In Canada, public pensions provide a base, but most people still need workplace income, personal savings, or both to reach their target.
Related tools
Before increasing long-term retirement contributions, it can help to make sure you have enough emergency savings for short-term surprises.
Canadian example
35-year-old Canadian planning to retire at 65
Current age
35
Retirement age
65
Current savings
$45,000
Monthly personal contributions
$750
Workplace contributions now
$250/month
Expected CPP / OAS
$925 / $743
This example shows how a Canadian retirement savings calculator can combine personal savings, workplace contributions, CPP, and OAS.
A 35-year-old with $45,000 saved, $750 in monthly personal contributions, and $250 in workplace contributions has 30 years for savings to grow before age 65.
If someone instead expects a defined benefit pension that will pay a regular amount later, they can enter that in the workplace pension income field rather than treating it like a monthly contribution.
This is useful for people searching for retirement savings calculator Canada, RRSP retirement calculator, TFSA retirement calculator, CPP and OAS retirement calculator, or how much to save for retirement in Canada.
FAQ
It estimates how much your current savings and monthly contributions could grow by retirement, then compares your estimated retirement income against your target monthly income.
Yes. The calculator includes fields for expected CPP and OAS. Use your Service Canada estimates if available because actual CPP and OAS amounts depend on eligibility, contribution history, residency, income, and when you start benefits.
Yes, if you plan to use those accounts for retirement. RRSP savings are usually taxable when withdrawn, while TFSA withdrawals are generally tax-free. This calculator uses simplified pre-tax estimates.
Yes. Use workplace contributions now for employer matching, group RRSPs, PRPPs, and defined contribution plans. Use expected workplace pension in retirement for defined benefit pensions or any pension that should pay a regular monthly amount later.
Use a conservative long-term assumption. A lower return creates a more cautious estimate, while a higher return can make the projection look better than reality.
CPP and OAS can provide a base of retirement income, but they are not designed to cover all retirement needs. Most Canadians need workplace pensions, personal savings, or other income sources as well.
Many people estimate retirement income as 60% to 80% of working income, but the right target depends on housing costs, debt, lifestyle, health, and other expenses.
No. This calculator is for education and planning only. Use official CRA and Service Canada records and consider speaking with a qualified financial professional before making major retirement decisions.