Canadian Retirement Income Calculator - Frequently Asked Questions about General Information

Frequently Asked Questions about General Information

  1. Why has the Government of Canada developed 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 has the Government of Canada developed the Canadian Retirement Income Calculator?

The government developed the calculator to help Canadians better understand how each level of the Retirement Income System will contribute to their future financial security and to provide a thorough understanding of the public pension system.

The calculator has been active on the Service Canada website since 2002. The calculator was modernized in 2014 to best account for numerous recent changes to the Retirement Income System, including changes to the Canada Pension Plan in 2009 and the Old Age Security Program in 2012.

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 Canada Pension Plan 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 alter 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 provided align with the median Canadian with your age and/or gender. These defaults are also designed to be personalized easily if your individual situation is different than the median, via the features in the application, such as the income sliders provided.