Where do I start?

1. 1

   Step 1: List what you have

   Write down your savings accounts: Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) and non-registered. Add any workplace pension, your home and its value, and any debts with their balances and rates. Rough numbers are fine to start.

   • RRSP or TFSA: what is the difference in retirement?
2. 2

   Step 2: Find your government benefit estimates

   Your Canada Pension Plan (CPP) estimate is in your My Service Canada Account. Old Age Security (OAS) usually starts at 65 and depends on how long you have lived in Canada.

   • How much CPP will I actually get?
   • When to take CPP: 60, 65 or 70?
3. 3

   Step 3: Check your workplace pension

   If you have one, your annual pension statement shows the monthly amount, whether it is indexed to inflation and any bridge benefit paid until 65.

   • Defined benefit vs defined contribution pension: what is the difference?
4. 4

   Step 4: Estimate what you will spend

   Think in monthly amounts: housing, food, transportation, travel and the extras that matter to you. Many people find their spending in retirement changes more than they expect.

   • How much do I need to retire in Canada?
   • How much do I need calculator
5. 5

   Step 5: Pick an age to test

   Choose a retirement age to try and how long you want the plan to last. Trying more than one age is often what makes the picture clear.

   • I want to retire early.
   • CPP timing calculator
6. 6

   Step 6: Learn the few rules that change the picture

   For most people, three rules make the biggest difference: the OAS clawback, what happens to an RRSP at 71 and which account to spend from first.

   • What is the OAS clawback?
   • What happens to my RRSP when I turn 71?
   • Which account to spend first in retirement?
7. 7

   Step 7: Look at debts that will still be there

   A mortgage, a line of credit or a renewal coming up all change what your income has to cover, and for how long.

   • Can I retire with a mortgage?
   • My mortgage renews soon and rates are higher. What now?
   • Can I use a HELOC to fund my retirement?
8. 8

   Step 8: Cover the basics for your family

   An up-to-date will and power of attorney protect you and the people you care about, whatever the numbers say.

   • Dementia runs in my family.
   • Leaving an inheritance versus enjoying my retirement.
9. 9

   Step 9: See it all in one place

   Once you have these pieces, TruePath brings them together into one plan and shows how they work with the tax rules. You can also keep going one answer at a time.

   See how TruePath brings it togetherBrowse all the retirement answers

This guide is general education about Canadian retirement planning, not personalised financial advice.