Free, educational Canadian retirement tools · figures reviewed October 30, 2026Part of the MITEY network
    RetirementPlanner.ca
    Pillar guide Key dates

    Retirement planning timeline

    Most retirement decisions have a date attached: when CPP can start, when OAS is paid, when an RRSP must become a RRIF. This timeline puts the official milestones in order and links each one to a tool or guide.

    Mitey holding a planner beside a small car, ready for a road trip
    Milestones at a glance
    WhenWhat happensGo deeper
    Any age 18+Open a TFSA; room accumulates from 18 whether or not you use it.Open
    Working yearsContribute to CPP through work; RRSP room builds at 18% of earned income.Open
    10–15 years outEstimate needs; check your CPP statement; test scenarios with ranges.Open
    55–60Decide on pension options (commuted value or annuity); consider early RRSP draws.Open
    60Earliest CPP start (−36%). Allowance may apply for some 60–64-year-olds.Open
    64Watch for the OAS enrolment letter; apply if you don't get one.Open
    65Standard CPP and earliest OAS. RRIF income becomes eligible for pension splitting.Open
    65–70CPP increases 0.7% a month and OAS 0.6% a month while deferred.Open
    70Latest useful CPP and OAS start — no increase after 70.Open
    71Convert RRSPs by December 31 (RRIF, annuity or withdrawal). Last year to contribute to your own RRSP.Open
    72First RRIF minimum if converted at 71 (5.40% of the January 1 value).Open
    75OAS increases by 10%.Open
    Worked example: RRIF minimums for a $400,000 RRIF converted at 71
    AgeJan 1 balanceFactorMinimumYear-end balance
    72$400,0005.40%$21,600$397,320
    75$390,3585.82%$22,719$386,021
    78$375,4496.36%$23,879$369,149
    81$354,2777.08%$25,083$345,654
    84$325,7468.08%$26,320$314,397
    87$288,6169.55%$27,563$274,106
    90$241,52611.92%$28,790$223,373
    92$203,91014.49%$29,547$183,082

    Starting balance $400,000, 5% assumed return, minimum withdrawals only. Illustration only — not a forecast. Try your own numbers

    Ten or more years before retiring

    The biggest levers are still open: how much you save, where you save it, and when you plan to stop working. Download your CPP Statement of Contributions, check your RRSP and TFSA room in CRA My Account, and run a first projection with a range of market outcomes. If you have a workplace pension, request a pension statement and learn the earliest unreduced retirement date.

    Five years out

    Firm up a spending estimate in today's dollars, list every account and pension, and look at taxes in your first retirement years. Years between leaving work and starting CPP/OAS are often low-income years, which can be a chance to draw RRSP money at lower rates — see the RRSP meltdown strategy.

    The year you retire

    Apply for CPP several months before you want it to start. Confirm OAS enrolment. Decide on pension options, which are often irreversible. Set up a cash reserve for the first year or two so you aren't forced to sell investments after a market fall — sequence-of-returns risk explains why that matters.

    In retirement

    Review your withdrawal plan each year: RRIF minimums, OAS threshold, pension splitting with a spouse, TFSA contributions from surplus income, and estate documents. Your income needs often change between your active early retirement years and later decades.

    Frequently asked questions

    What's the latest age to convert an RRSP?
    December 31 of the year you turn 71. You can convert earlier if you want income sooner.
    When does OAS increase?
    OAS is adjusted quarterly for inflation, and the pension is 10% higher from age 75.
    Do I have to stop working to get CPP or OAS?
    No. You can work and receive both, though higher income may trigger the OAS recovery tax.

    Educational estimate, not advice. Results depend on your inputs and the assumptions listed. They are not a prediction of returns or a recommendation. Check benefit amounts in your My Service Canada Account and tax details with the CRA. Read the disclaimer.

    Official sources

    Figures checked October 30, 2026. Rules and amounts change; confirm current details on the official pages above.