Canadian Retirement Income Calculator - Frequently Asked Questions about General Information

Frequently Asked Questions about General Information

  1. Why did the Government of Canada develop the Canadian Retirement Income Calculator?
  2. If I already have a Canada Pension Plan retirement estimate on my Statement of Contributions, why should I complete the Canada Pension Plan section of the calculator?
  3. Why is it necessary to indicate my gender and date of birth?

1) Why did the Government of Canada develop the Canadian Retirement Income Calculator?

The Government developed the calculator in 2002 to help Canadians understand how each level of the retirement income system will contribute to their future financial security.

The calculator was recently updated because of changes coming to the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) in January 2019.

2) If I already have a Canada Pension Plan retirement estimate on my Statement of Contributions, why should I complete the Canada Pension Plan section of the calculator?

The CPP Statement of Contributions retirement estimate is based on your average earnings since the age of 18 and assumes your earnings continue at this level until the age of 65.

The calculator allows you to change the amount of your future earnings and to calculate your pension income based on different start dates.

3) Why is it necessary to indicate my gender and date of birth?

This information is required to provide estimates of your retirement income, income replacement rate and life expectancy. The defaults are for the average Canadian who is the same age and gender as you. You can easily change these defaults.

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