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Retirement income in Canada comes from several places at once: government pensions, registered accounts, workplace pensions and plain savings. Each is taxed a little differently, and that is where people get caught out. Use this page to find the piece you are working on. We are an information site and do not offer tax preparation services.
What will CPP and OAS pay me?
CPP depends on what you contributed and when you start, and OAS depends on residence and income. Both are taxable. Start with the calculators, then the maximums.
- CPP Pension by Start Age, 60 to 70
See how the start age changes the monthly amount.
- CPP Maximum in 2026 for Contributions and Pension
Both maximums: what you pay in and what a new retiree can receive.
- OAS Pension Estimate and Recovery Tax
An estimate, plus the clawback at higher incomes.
- Retirement Savings and Monthly Income Planner
Roughly what your savings could pay each month.
How does an RRSP work, and what happens when I withdraw?
An RRSP gives you a deduction now and taxes the money as income later. These pages cover the deduction, the limit and the tax on the way out.
- How an RRSP Works in Canada, From Deposit to Payout
The whole life of an RRSP in one read.
- RRSP Contribution Refund and Room Calculator
Your room and the refund a contribution brings.
- RRSP Tax Savings: What a Contribution Gives Back
Two worked examples of what you get back.
- RRSP Limit: What Happens If You Go Over It
The small cushion, then the monthly charge.
- RRSP Withdrawal Tax: Withheld vs Real Tax
Why the tax withheld is not the whole story.
- T4RSP Slip: What It Reports and How to Use It
The slip you get after a withdrawal.
Is a TFSA or a GIC the better home for savings?
They answer different questions. The TFSA is an account type with no tax on withdrawals, and a GIC is an investment that can sit inside one. The table sets them side by side.
- TFSA Calculator: Your Contribution Room by Birth Year
Find your room based on when you turned 18.
- GIC Calculator: Value at Maturity and Interest
What a GIC is worth when it matures.
- RRSP, TFSA, FHSA and retirement income in Canada
How the registered accounts compare.
| Option | Tax on what you put in | Tax on what you take out | Read more |
|---|---|---|---|
| RRSP | Deductible | Taxed as income | RRSP article |
| TFSA | Not deductible | Not taxed | TFSA calculator |
| GIC | Depends on the account that holds it | Depends on the account that holds it | GIC calculator |
How is my retirement income taxed?
Pension income is added to your other income. CPP and OAS are taxable too, but they do not qualify for the pension income amount, which catches many retirees off guard.
- Retirement Tax on CPP, OAS, Pension and RRIF
Estimate tax on a mix of retirement income.
- How Pension Income Is Taxed in Canada After 65
What each kind of pension means for your bill.
- What Counts as Pension Income on Your Tax Return
Which payments qualify for the credit, by age.
- Pension Tax Credit in Canada: Who Gets It, How Much
Up to $2,000 of eligible income, and who can claim it.
Frequently asked questions
What is the maximum CPP I can get in 2026?
A new retiree can receive up to $1,507.65 a month at 65. Our CPP maximum page also covers the contribution maximums.
Are CPP and OAS taxable?
Yes, both count as income on your return. They do not qualify for the $2,000 pension income amount, though.
Is RRSP withdrawal taxed?
Yes. Everything you take out is added to that year's income, and the tax withheld at the time may not match what you really owe.
What is the difference between an RRSP and a TFSA?
An RRSP contribution is deductible and withdrawals are taxed. A TFSA contribution is not deductible, but withdrawals are not taxed.
Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.