Turning 65 Timeline
11 Months Before
| Action |
Why |
| Apply for OAS |
Processing time |
| Check for auto-enrollment letter |
May be automatic |
| Decide OAS deferral |
Wait until 70? |
6 Months Before
| Action |
Why |
| Final CPP decision |
If haven’t started |
| Review pension |
Employer plan options |
| Tax planning |
For next year |
At 65
| Action |
Why |
| Claim age credits |
On tax return |
| Review budget |
New income sources |
| Health coverage review |
Changes at 65 |
Old Age Security (OAS)
Apply for OAS
| Method |
Details |
| Online |
My Service Canada Account |
| Auto-enrollment |
If you get letter |
| Timeline |
11 months before |
OAS Amounts 2026
| Age |
Monthly |
| 65-74 |
~$727 |
| 75+ |
~$800 (10% bonus) |
Defer or Take at 65?
| Take at 65 If |
Defer to 70 If |
| Need income |
Other income sources |
| Health concerns |
Good health |
| Below clawback |
Would be clawed back anyway |
Deferral Benefit
| Defer |
Increase |
| Per month |
0.6% |
| Per year |
7.2% |
| To age 70 |
36% more |
Canada Pension Plan at 65
If Not Yet Receiving
| Option |
Details |
| Start at 65 |
Standard amount |
| Defer to 70 |
42% more total |
| Already receiving |
Post-retirement benefit if working |
CPP Maximum at 65
| Year |
Approximate Maximum |
| 2026 |
~$1,433/month |
GIS (If Low Income)
Guaranteed Income Supplement
| If OAS Income Below |
May Qualify |
| ~$21,624 (single) |
For GIS |
| ~$28,560 (couple) |
For GIS |
GIS Application
| When |
How |
| With OAS application |
Combined |
| Or separately |
If missed |
| Annual renewal |
Based on income |
Tax Changes at 65
Age Amount Credit
| Federal |
Amount |
| Maximum |
~$8,790 |
| Tax savings |
~$1,319 |
| Reduced if |
Income > ~$44,325 |
| Eliminated at |
~$102,850 |
Provincial Age Amounts
| Province |
Additional |
| Ontario |
~$5,839 |
| BC |
~$5,903 |
| Alberta |
~$6,064 |
| Quebec |
~$3,807 |
Total Age Credit Value
| In Ontario |
Savings |
| Federal |
~$1,319 |
| Provincial |
~$300 |
| Total |
~$1,619 |
Pension Income Splitting
Now Available at 65
| Before 65 |
Only RPP |
| At 65 |
RRIF also qualifies |
How It Works
| Step |
Details |
| Split up to 50% |
Of eligible pension |
| To spouse |
Must be lower income |
| Both file |
Joint election |
Benefit Example
| Without Splitting |
With Splitting |
| You: $80,000 |
You: $60,000 |
| Spouse: $30,000 |
Spouse: $50,000 |
| Higher tax |
Lower total tax |
Pension Income Credit
$2,000 Credit
| Eligible Income |
Examples |
| Company pension |
Always |
| RRIF withdrawal (65+) |
Yes |
| RRSP withdrawal |
Only if 65+ and converted |
| CPP/OAS |
No |
Tax Savings
| Federal | ~$300 |
| Provincial | ~$100-200 |
| Total | ~$400-500 |
Create Eligible Income
| Strategy |
Action |
| Convert RRSP to RRIF |
Even small amount |
| Withdraw $2,000 |
Get full credit |
| Put in TFSA |
If don’t need it |
Health Coverage Changes
What Changes at 65
| Province |
Change |
| BC |
Some drug coverage changes |
| Ontario |
ODB (Ontario Drug Benefit) |
| Alberta |
Seniors coverage |
Ontario Drug Benefit
| At 65 |
Coverage |
| Most prescriptions |
$100 deductible + $6.11/prescription |
| Low income |
$2/prescription |
Extended Health
| Review |
Options |
| Employer retiree benefits |
Keep if available |
| Private insurance |
May need |
| Blue Cross/Green Shield |
Options available |
Employment Income at 65
If Still Working
| Consideration |
Details |
| Still contribute to CPP |
Creates post-retirement benefit |
| RRSP room |
Can still contribute |
| OAS clawback |
Watch total income |
Post-Retirement Benefit (PRB)
| If Working While Receiving CPP |
Get |
| Additional CPP |
Earned on contributions |
| ~2.5% per year |
Added to CPP |
| Can opt out |
At 65-70 |
Investment Changes
Asset Allocation
| At 65 |
Typical |
| Stocks |
50-60% |
| Bonds |
40-50% |
| Adjust for |
Your risk tolerance |
Withdrawal Strategy
| Account |
Withdrawal Order |
| Taxable |
First (tax efficiency) |
| RRSP/RRIF |
Second (tax bracket) |
| TFSA |
Last (tax-free) |
65th Birthday Checklist
Must Do
| Task |
Done? |
| OAS application (11 months early) |
☐ |
| CPP decision made |
☐ |
| Pension splitting setup |
☐ |
| Age amount claimed |
☐ |
| Pension income credit ($2,000 RRIF) |
☐ |
| Health coverage reviewed |
☐ |
| Prescriptions coverage checked |
☐ |
Should Do
| Task |
Done? |
| Budget updated |
☐ |
| Investment allocation reviewed |
☐ |
| Estate plan current |
☐ |
| Beneficiaries updated |
☐ |
Financial Projection
Monthly Income at 65
| Source |
Amount |
| OAS |
$727 |
| CPP |
(your amount) |
| Employer pension |
(your amount) |
| RRIF withdrawal |
(planned) |
| Other income |
(if any) |
| Total |
$ |
Compare to Expenses
| Test |
Pass? |
| Income ≥ expenses |
Yes needed |
| Buffer for inflation |
Recommended |
| Emergency fund |
Still have one |