Planning retirement in Canada: your first steps
Start with a realistic spending plan and a list of income sources. Check CPP or QPP, Old Age Security, workplace pensions and your own savings separately. Compare the timing options using your own estimates; one pension application does not arrange every part of retirement.
Sketch your retirement budget
List regular costs, housing, debt payments and occasional expenses. Compare a few possible retirement dates. This is a planning worksheet, not a forecast of returns or a recommendation to stop working.
Check your own pension estimates
Use the official pension accounts and statements for your contribution history. CPP replaces part of retirement income; the published maximum is not an estimate of your personal payment. For Québec Pension Plan questions, use Retraite Québec.
Compare CPP start dates
CPP can generally start from age 60 to 70, with 65 as the standard starting age. Earlier starts reduce monthly payments; later starts increase them. The best timing depends on your circumstances.
Check OAS and other benefits separately
Service Canada automatically enrols many people in Old Age Security, but not everyone. Check your letter and the official application guidance. Review Guaranteed Income Supplement eligibility if your income is low.
Coordinate the rest of your income
Request workplace pension options and list your own savings, including RRSPs and TFSAs if applicable. Confirm tax treatment and withdrawal decisions with official guidance or a qualified adviser. Keep balances and account numbers out of chat.
Common questions
Do I have to stop working to plan retirement?
No. Start by comparing income, costs and possible dates. Use the applicable pension rules to understand work and contributions before making a decision.
Can the guide tell me the best age to claim?
It can explain options and point to official estimates. It cannot determine the best personal choice without the financial and other circumstances that belong in a private discussion with a qualified adviser.
Related service guides
Plan your retirement in Canada
Start by comparing your expected spending with the income you could receive from public pensions, an employer pension and your savings. Choosing when to stop working and when to start each pension are separate decisions; you can still work while receiving public pensions.
Apply for the CPP retirement pension
The Canada Pension Plan retirement guide connects the eligibility check, pension-start information and application process. You choose when to apply after reviewing the official implications of a start date. The service provides an online route through My Service Canada Account and paper instructions, including special directions for people applying from outside Canada.
Check Old Age Security enrolment or apply
Start by checking whether Service Canada has already enrolled you in Old Age Security. Its guide explains enrolment letters, when an application may be needed, and the routes for changing a pension start date. It also provides online and paper instructions. Do not assume that being eligible for another pension means OAS is already arranged.
Service Canada — Old Age Security: Apply, delay, or change your start date
Keep these distinctions in mind
- Use official guidance for your situation. Keep private records outside this guide.
These steps are a starting sequence, not a mandatory or complete list for every person. Check the official guidance for your situation.