Checklists
When should I take CPP and OAS, and which account do I draw first?
Three decisions set your retirement income: when to start CPP (60 to 70) and OAS (65 to 70), how to draw from your RRSP, TFSA and other savings, and how to keep OAS from being clawed back.
Worth knowing before you start
- CPP grows 8.4% for every year you wait after 65 and shrinks 7.2% for every year before, for life. Waiting pays if you live past about 80.
- OAS is clawed back at 15 cents per dollar of income above $93,454 (2026), based on last year’s return. TFSA withdrawals do not count.
- Low income in retirement? The Guaranteed Income Supplement flips the advice: take OAS at 65 and consider CPP early.
- From 72 you must withdraw a minimum from a RRIF every year, fully taxable. Drawing down the RRSP earlier, in low-income years, often saves tax overall.
The steps, in order
- 1 When should I take CPP?Every start age from 60 to 70, the break-even age and the best choice for how long you expect to live.Open the cpp start age calculator →
- 2 What will CPP and OAS pay me?Monthly income after tax at 65 and the best pair of start ages, with the GIS check.Open the cpp + oas planner calculator →
- 3 Which account do I draw first?The order that pays the least lifetime tax and keeps your OAS.Open the withdrawal order calculator →
- 4 Will my OAS be clawed back?How much, when it hits your payments, and how much room you have.Open the oas clawback calculator →