A Canada pension and retirement calculator that projects the retirement income you can build using the country’s three main pillars: the RRSP (Registered Retirement Savings Plan), the TFSA (Tax-Free Savings Account), and the government CPP (Canada Pension Plan). Instead of a single savings number, it respects the actual Canadian rules — the 18%-of-income RRSP limit and the flat annual TFSA room — and shows both the pot you will accumulate and the yearly income it can sustain.
How it works
The calculator compounds your savings year by year from now to your chosen retirement age. Each year it adds your RRSP and TFSA contributions to the running balances and grows the total at your expected return. Both accounts grow tax-sheltered, so they are compounded together using the standard future-value relationship:
Balance_next = (Balance_now + annualContribution) × (1 + return)It checks your RRSP contribution against the 18% of earned income rule and warns if you have likely exceeded your room. At retirement it takes the combined RRSP + TFSA pot, applies a safe-withdrawal rate (4% by default) to estimate a sustainable annual drawdown, and adds your estimated CPP pension on top to give a total gross retirement income.
Example and notes
Suppose you are 35, earn $80,000, already hold $40,000 in an RRSP and $15,000 in a TFSA, contribute $8,000 to the RRSP and $6,500 to the TFSA each year, expect a 6% return, and retire at 65. The tool compounds both accounts for 30 years, sums them, applies the withdrawal rate, and adds an estimated CPP pension to report your projected yearly income.
Notes: RRSP withdrawals are taxed as income in retirement while TFSA withdrawals are tax-free, so two pots of equal size are not worth the same after tax. The CPP figure you enter should reflect the age you plan to start — taking it before 65 reduces it, and deferring to 70 increases it. Every figure stays in your browser.