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Retirement in Canada: CPP, OAS, GIS, Pensions and Savings

How CPP, OAS and the GIS work and what they pay, workplace pensions, how much to save, turning savings into income, and retiring early.

Updated

Retirement income in Canada usually comes in three layers: government benefits (the Canada Pension Plan, Old Age Security and, for lower incomes, the Guaranteed Income Supplement), a workplace pension if you have one, and your own savings in RRSPs, RRIFs, TFSAs and other accounts. The guides here are grouped by those pieces, from working out how much you need to deciding when to start each benefit and drawing an income once you stop working.

Start here

Planning ahead

For anyone still working who wants to know what retirement will cost and whether they are on track.

  1. Start withHow much do I need to retire?
  2. Am I saving enough for my age?
  3. What CPP, OAS and the GIS pay together

Choosing when to start CPP and OAS

For people near retirement weighing an earlier or later start for each benefit.

  1. Start withCPP at 60 vs 65 vs 70
  2. Should you defer OAS?
  3. When and how to apply for OAS

Retired or about to be

For turning savings into a steady income and keeping the tax on it down.

  1. Start withWhat to do with your savings, and in what order
  2. Lowering tax in retirement
  3. Annuity or RRIF?

Living on a lower income

For seniors on a low income, and how the GIS, provincial top-ups and other income fit together.

  1. Start withHow much can I earn on the GIS?
  2. Living on CPP, OAS and the GIS
  3. Provincial top-ups to the GIS

This year's key figures

Government benefits

Maximum CPP at 65$1,507.65a monthRetirement pension starting in January 2026 Average new CPP$858.34a monthNew retirement pensions, July 2026 Maximum OAS, ages 65 to 74$762.50a monthOctober to December 2026 Maximum GIS, single$1,138.90a monthSingle, widowed or divorced pensioner, October to December 2026

Limits and thresholds

OAS clawback starts at$93,454net incomeFor 2025 income RRSP limit for 2026$33,810Or 18% of the previous year's earned income, if lower TFSA limit for 2026$7,000New contribution room added January 1

Topics

Retirement Planning in Canada

The sources of retirement income, how much you need, and whether your savings are on track.

All 9 guides
Canada Pension Plan (CPP)

Who pays in, what the pension pays, when to start it, and the survivor and disability benefits.

All 20 guides
Old Age Security (OAS)

Who qualifies, the maximum payment, partial pensions, deferring it, and the clawback.

All 11 guides
Guaranteed Income Supplement (GIS)

The monthly top-up for seniors with a low income, how income reduces it, and how to apply.

All 11 guides
Workplace Pensions in Canada

Defined benefit and defined contribution plans, leaving a plan, and the lump-sum decision.

All 6 guides
Retirement Income in Canada

Drawing income from savings, withdrawal order, annuities, and tax once you stop working.

All 7 guides
Early Retirement in Canada

FIRE numbers, the years before CPP and OAS start, and retiring at 50, 55 or 60.

All 6 guides

Calculators

Retirement calculator CPP calculator OAS calculator OAS clawback calculator GIS calculator Annuity calculator RRIF withdrawal calculator FIRE number calculator Coast FIRE calculator
RRSPs and RRIFs, blurb: 'Contribution room, converting to a RRIF, and minimum withdrawals.' TFSAs, blurb: 'Contribution room and how TFSA withdrawals work alongside OAS and the GIS.' Income tax, blurb: 'Federal and provincial brackets, credits and tax calculators.' Estate planning, blurb: 'Wills, powers of attorney, beneficiaries and probate.'

All retirement guides

Retirement Planning in Canada

Canada Pension Plan (CPP)

Old Age Security (OAS)

Guaranteed Income Supplement (GIS)

Workplace Pensions in Canada

Retirement Income in Canada

Early Retirement in Canada

Sources

The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 29, 2026. How we check facts.