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
- Enter your current age and desired retirement age.
- Fill in your RRSP and TFSA balances along with annual contributions.
- Adjust expected investment returns (before and after retirement).
- Add expected CPP and OAS benefits.
- Set your target annual retirement income.
- 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.