Free Excel Retirement Planning Template for Canadians

Retirement planning in Canada means balancing RRSPs, TFSAs, CPP, and OAS to build a secure future. Many people wonder: how much will I need, and how much will government benefits cover? This free Canadian Retirement Planning Excel Template gives you a clear way to estimate your nest egg and retirement income.

Disclaimer: This guide is for educational purposes only and not financial advice. I’m not a financial advisor. Please consult a licensed expert before making investment decisions.


What’s Inside the Canadian Retirement Template?

  • Inputs: Age, savings, contributions, growth rates, inflation, desired income.
  • Accounts: Separate tracking for RRSP and TFSA contributions.
  • Government Benefits: Estimates for CPP and OAS.
  • Summary: Total retirement nest egg, 4% rule estimate, and income gap analysis.

📂 Download Canadian Retirement Planning Template


How to Use the Template

  1. Enter your current age and desired retirement age.
  2. Fill in your RRSP and TFSA balances along with annual contributions.
  3. Adjust expected investment returns (before and after retirement).
  4. Add expected CPP and OAS benefits.
  5. Set your target annual retirement income.
  6. Review the Summary tab to see whether you’ll have a surplus or gap.

Key Canadian Retirement Factors

  • RRSP: Tax-deferred growth. Withdrawals are taxed as income.
  • TFSA: Tax-free growth. Withdrawals are not taxed.
  • CPP: Based on your contributions during working years.
  • OAS: Available to most Canadians 65+, subject to clawbacks at higher income levels.

Tip: A common strategy is to withdraw from RRSP first, then rely on TFSA for tax flexibility later in retirement.


Example Calculation

Suppose you’re 35 today with $75,000 in RRSP and $25,000 in TFSA. You save $12,000 into RRSP and $6,000 into TFSA each year. At 6.5% returns before retirement, by age 65 you could have:

  • RRSP balance: $900,000+
  • TFSA balance: $400,000+
  • CPP: ~$12,000 annually
  • OAS: ~$7,500 annually

Total income: ~$65,000 annually — close to the $55,000 target.


Frequently Asked Questions

Can I adjust CPP and OAS?
Yes, update the Inputs tab with your estimates.

Can I extend the template beyond age 90?
Yes, just expand the projection rows in the Projection sheet.

How do I account for workplace pensions?
Add expected annual pension income in the “Other Benefits” field.

Does this include taxes?
No, this is pre-tax for RRSP withdrawals and after-tax for TFSA. Consult a tax advisor for detailed planning.


 

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