Retirement guides
Explainers for Canada, with named sources and checked dates where available.
All 7 guides
Explainer2 min
A RRIF pays a yearly minimum beginning after its establishment year, with the applicable factor based on age at the beginning of the year.
Source: CRA, Receiving income from a RRIF · Checked
Explainer2 min
Eligible pension income can be allocated between spouses for tax purposes, while the pension income amount has separate eligibility conditions.
Source: CRA, pension income splitting · Checked
Explainer1 min
The Lifelong Learning Plan permits qualifying RRSP withdrawals for education, with annual and total limits followed by repayment obligations.
Source: CRA, participating in the Lifelong Learning Plan · Checked
Explainer1 min
Guaranteed Income Supplement monthly maxima and annual income thresholds vary with marital status and a partner's benefits.
Source: ESDC, Old Age Security payment amounts · Checked
Explainer1 min
New RRSP room is based on 18% of prior-year earned income, up to an annual dollar cap. Unused room and pension adjustments affect the deduction limit.
Explainer1 min
OAS begins no earlier than age 65. Eligibility includes residence and legal-status conditions, while income can trigger repayment through the recovery tax.
Source: Service Canada, Old Age Security eligibility and recovery tax · Checked
Explainer1 min
CPP retirement pension payments depend in part on the starting age. Starting before or after the standard age changes the monthly payment.
Source: Service Canada, when to start a CPP retirement pension · Checked