The Canadian retirement checklist

Think of this as a living document, not a one-time exercise. The earlier you start — ideally 5 to 10 years before your target retirement date — the more levers you have to pull. Work through the sections in order, tick off what you have handled, and revisit it once a year and after any major life change. None of this replaces personalized advice; it is a map of the decisions a Canadian retiree needs to make.

• Estimate your number. Project the income you'll want and the savings needed to fund it — our retirement savings calculator is a good starting point.
• Map every income source. CPP, OAS, workplace pension, RRSP/RRIF, TFSA, non-registered savings, and any part-time work.
• Clear high-interest debt and aim to enter retirement mortgage-free, or with a plan to handle it.
• Build a realistic retirement budget — separate the essentials from the nice-to-haves.
• Set your asset mix. Shift gradually toward a balance you can hold through a downturn early in retirement.

Timing your government benefits is one of the highest-value decisions on this list, because the amounts are guaranteed and indexed to inflation for life.

• CPP: start as early as 60 (reduced about 36%) or delay to 70 (boosted about 42% versus age 65). See when to take CPP.
• OAS: starts at 65 by default, or defer up to 70 for roughly a 36% increase. Max OAS is about $743/month in 2026 (rising about 10% at age 75).
• Check for GIS if you'll be a low-income senior — the Guaranteed Income Supplement is non-taxable and income-tested.
• Coordinate with your spouse — staggering start dates can smooth income and reduce clawback.

Your RRSP cannot last forever. By the end of the year you turn 71, it must be converted to a RRIF (or used to buy an annuity). Mandatory minimum withdrawals then begin the following year — about 5.28% at age 71, rising each year after.

• Convert by December 31 of the year you turn 71 — don't leave it to chance.
• Consider converting part earlier to draw down the RRSP at lower tax rates and shrink future forced withdrawals.
• Use the younger spouse's age for RRIF minimums if it helps lower mandatory withdrawals.
• Keep contributing to your TFSA — there's no age limit, and withdrawals don't affect OAS or other benefits.

For more, see our RRSP-to-RRIF conversion guide.

• Set a withdrawal order. A tax-efficient sequence often spends taxable accounts and some RRSP/RRIF early while the TFSA grows — see the withdrawal order guide.
• Pick a sustainable spending rate. The classic starting point is the 4% rule, adjusted for your situation.
• Hold a cash cushion (one to two years of spending) so you're not forced to sell investments in a downturn.
• Plan for the early years. A bad market right after you retire hurts most — guard against sequence-of-returns risk.

Tax is where careful planning pays off most. The two big levers are the OAS clawback and pension income splitting.

• Watch the OAS clawback. It starts at about $95,323 of net income in 2026 and claws back 15 cents per extra dollar — see the OAS clawback guide.
• Split pension income. Move up to 50% of eligible pension/RRIF income to a lower-income spouse (RRIF income qualifies at 65+).
• Claim the $2,000 pension income amount — a reason to convert a slice of your RRSP to a RRIF at 65.
• Use your TFSA to stay below thresholds. TFSA withdrawals are tax-free and don't count as income.
• Note for 2026: the capital gains inclusion rate stays at 50% — the proposed two-thirds increase was cancelled.

Dollar figures are approximate 2026 maximums and are indexed quarterly (OAS) or annually (CPP). Your own amounts depend on your contribution history and start date.

• Replace employer benefits. Line up private or retiree health, dental, and drug coverage before your group plan ends.
• Budget for out-of-pocket health costs — dental, vision, prescriptions, and eventually long-term care.
• Review insurance. You may need less life insurance, but consider travel medical and critical-illness coverage.
• Plan the non-financial side — how you'll spend your days, where you'll live, and staying socially connected.

• Have an up-to-date will and review it after any major life change.
• Check beneficiary designations on your RRSP, RRIF, TFSA, and pensions — these pass outside your will.
• Set up powers of attorney — one for property/finances and one for personal care.
• Understand the tax at death. RRSP/RRIF can roll tax-deferred to a spouse; otherwise they're treated as fully cashed out on the final return.
• Keep records findable. Leave a list of accounts, advisors, and documents for your executor.

• Apply for CPP and OAS — apply several months ahead of when you want payments to begin.
• Set up your retirement paycheque — decide how income will flow from each account into your chequing.
• Do a final tax projection for your first year or two of retirement to avoid surprises.
• Stress-test the plan against a market downturn, a longer life, and higher inflation.
• Consider a fee-for-service planner for a final review — this is a once-in-a-lifetime transition.

This guide is for educational purposes only and is not financial, tax, or legal advice. Dollar figures and thresholds are approximate 2026 values and change over time. Confirm current amounts on canada.ca and consult a qualified financial planner, accountant, or lawyer before acting. See our withdrawal order guide and OAS clawback guide for related reading.