Input information used by the calculator on this tab, then switch to the results tab to modify RRSP withdrawl amounts for any year.

The results tab displays Net Disposable Income, balance of investments for both the RRSP scenario and TFSA scenario and the difference between the two, any clawback of Old Age Security, and an estimate of Guaranteed Income Supplement to which you may be entitled.

Enter data in the yellow cells from top to bottom. Recalculation is automatic when you move to another cell. Warnings may appear (shown in red), for which you will have to make changes.

About you
Choose province or territory
Your age at prior year end (must be 17 or older)
Current and future income (Do not include CPP, OAS, RRSP/RRIF/TFSA, or eligible Pension income)
Current annual gross income
Estimated annual gross income per year AFTER starting withdrawals from RRSP/RRIF or TFSA, excluding eligible pension income which is entered after CPP and OAS income:
Include estimated withdrawals from already existing RRSPs/RRIFs
CPP and OAS income
CPP begins at age (minimum 60, maximum 70)
See your CPP statement of contributions for your estimated CPP retirement pension amount at age 65.
Eligible pension income from other sources (eligible for pension tax credit)
Note that eligible pension income can be split with a spouse.
Estimated annual eligible pension income (e.g. company pension, RRIF)
Begins at age
RRSPs and RRIFs
Amount of annual RRSP contribution that will be made (may have to be reduced - see TFSA section below)
Age to convert RRSPs to RRIF (max is 71)
While contributions to RRSP can be made until age 71, for purposes of this calculator no more deposits can be made after the RRSP is converted to a RRIF. The maximum number of years that contributions can be made is (age at which you convert to a RRIF, minus current age)
Number of years to make contributions
Estimated return on RRSP/RRIF or TFSA
The last deposit will be made in the year in which you turn (max 71)
Minimum withdrawals from your RRIF will begin in the year in which you turn
You can start your actual withdrawals earlier than this, but not until after your deposits are finished.
How many years do you want the RRSP/RRIF to last after withdrawals are started? (1 to 50)
If you would like to enter a different withdrawal amount in any year in which deposits are not being made, you can do this in the yellow input cells on the Results page. Remember to press the Calculate button after making your entries.
If the desired withdrawal is less than the minimum withdrawal, the minimum withdrawal will be used.
Tax-Free Savings Account (TFSA)
Annual deposits are calculated based on your RRSP contribution less your tax savings.
Tax savings in first year:
Amount of TFSA deposit in first year (RRSP contribution less tax savings) - max $5,500

Notes

If income is low enough at age 65+ for Guaranteed Income Supplement (GIS) to be received, it is likely that there will be other benefits available that are not reflected by the calculator. These benefits could include low-income tax reductions, health care benefits, etc.

If you already have an RRSP that will be converted to a RRIF, the income from the RRIF after age 65 would be included in "eligible pension income from sources other than above RRIF". This information is needed because RRIF income is eligible for the pension income tax credit for age 65+. It is often adviseable to convert at a portion of your RRSPs to a RRIF at age 64 or 65.

Withdrawals from the TFSA are equal to the RRSP/RRIF withdrawal less tax on the withdrawal.

If the RRSP/RRIF is reduced to zero before the TFSA, the calculator shows a withdrawal of the remaining balance of the TFSA in the following year. This just highlights how much is remaining in the TFSA at that time.

The tax calculation is for a single person with no dependents, using 2013 tax rates and credits known as of December 22, 2012.

Tax credits included in calculations:

  • Basic personal amount
  • Age amount, and SK senior supplementary amount
  • Pension income amount
  • QC federal tax abatement

Low income tax credits are not used in calculations.

RRSP/RRIF Scenario vs TFSA Scenario
If desired, input a revised withdrawal in yellow cells, in any year in which there is no deposit, then press Calculate button.
If the withdrawal that you enter is less than the minimum withdrawal, the minimum withdrawal will be used.
RRSP/RRIF Scenario TFSA Scenario
RRSPs/RRIFs Net Disposable Income Calculation TFSA Net Disposable Income Calculation
Yr# Age prior
Dec 31		 Age
this
tax yr		 Income
Before
RRSP/RRIF
Withdrawals		 Desired
withdrawal
- use positive
amount		 Deposits/
(With-
drawals)		 RRSP/
RRIF
Balance		 OAS
Clawback		 Taxable
Income		 Tax
Payable		 GIS Net
Disposable
Income		 Deposits/
(With-
drawals)		 TFSA
Balance		 OAS
Clawback		 Taxable
Income		 Tax
Payable		 GIS Net
Disposable
Income		 Net
Disposable
Income
Difference
Beginning balances
1

The present value is the lump sum amount that would have to be invested today at the indicated rate, to generate the above net disposable income.

RRSP and RRIF Balances
 
Age at Dec 31 prior year end
Convert to RRIF in year in which you turn
Annual contribution amount per year for years
Start making withdrawals at age
Estimated rate of return
Make withdrawals over a period of years
Use your browser print function to print the pages of the calculator - reduce size as needed.
A "desired withdrawal" amount (enter as positive amount on Results page) can be entered to be used as the withdrawal amount in any year when no deposits are being made.
The desired withdrawal will only be used if it exceeds the minimum withdrawal amount, and if the deposit amount in that year is zero. Otherwise, it will be ignored.
Age prior
Dec 31		 RRIF
factor		 Return on
investments		 Deposit Minimum
withdrawal		 Actual
withdrawal		 Ending
balance
Beginning balance 0
Tax Free Savings Account Balances    
Age at Dec 31 prior year end
Start making withdrawals at age
Estimated rate of return
Maximum withdrawal for the money to last years
Use your browser print function to print the pages of the calculator - reduce size as needed.  
All deposits and withdrawals are based on RRSP/RRIF deposits and withdrawals, less the tax saved by or paid on those withdrawals.  
Age prior
Dec 31		 Return on
investments		 Deposits Withdrawal Ending
balance		  
Beginning balance 0

These calculators are for educational purposes only. You should not rely on the results as an indication of your financial needs and we recommend that you seek out your own legal, accounting, tax or professional advice. Any information is neither intended to be, or should be construed to be, investment or legal advice or an endorsement of any particular method of investing.