# Retirement Planning in Canada: CPP, OAS and RRIF Timing > Retiring in Canada? When to take CPP and OAS, how the OAS clawback works, converting your RRSP to a RRIF by 71 and turning savings into income. Source: https://trykosh.com/for/approaching-retirement Kosh for people approaching retirement # Turning savings into a retirement paycheque in Canada In the last years before retirement, the questions shift from how much to save to when to start each income stream. Kosh reads your statements and shows what CPP, OAS, your RRSP and TFSA can pay you, and in what order. ## What gets in the way ### When to start CPP and OAS Each month you wait raises the payment, and starting early cuts it for life. The right age depends on health, other income and taxes. ### The OAS clawback Above an income threshold, 15% of every extra dollar is taken back from OAS. Large RRIF withdrawals can push you over. ### The RRSP deadline at 71 Your RRSP must be converted, usually to a RRIF, by the end of the year you turn 71, and then minimum withdrawals start. ### Will the money last? Spending in retirement is rarely what people plan for. Without a real number, it's guesswork. ## What Kosh does about it ### Measures what you really spend From your statements, Kosh shows what your lifestyle costs, the starting point for any retirement plan. ### Compares start ages CPP from 60 to 70 and OAS from 65 to 70, with the monthly amount at each age from your own estimates. ### Watches the clawback Kosh estimates your net income each year and shows how much OAS you'd keep. ### Orders the withdrawals Which accounts to draw from first so tax stays steady: RRSP or RRIF, TFSA and non-registered savings. ### Reminds before key dates Pension applications, RRIF conversion, minimum withdrawals and tax-filing day. ## Free tools for people approaching retirement [Free tool**CPP calculator**Enter your CPP estimate at 65 and see what you'd get starting anywhere from 60 to 70, and the age at which waiting pays off.](/tools/cpp-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator) ## A CFO for people approaching retirement. Upload a statement and Kosh maps your money, estimates your federal and provincial tax and tells you the one thing to fix first. Free to start. [Start free](/signup?via=for-approaching-retirement) ## When should you start CPP and OAS? How start age changes your public pensions CPP OAS Earliest start 60, reduced 0.6% a month before 65 (up to 36% less) 65 Standard start 65 65 Latest useful start 70, increased 0.7% a month after 65 (up to 42% more) 70, increased 0.6% a month (up to 36% more) Maximum at 65 $1,507.65 a month (January 2026) $762.50 a month at 65 to 74 (October to December 2026) The average CPP retirement pension is well below the maximum, $858.34 a month as of July 2026, because it depends on how long and how much you contributed. Your My Service Canada Account shows your own estimate. The OAS maximum is 10% higher from age 75. See [CPP and CPP2 explained](/learn/cpp-and-cpp2-explained). ## How does the OAS clawback work? If your net world income is above the threshold, $93,454 for 2025 and $95,323 for 2026, you repay 15% of the excess from your OAS. A retiree with $90,000 of pension and RRIF income is under the 2026 line; another $10,000 of RRIF withdrawals would also cost about $700 of OAS, on top of income tax. See [OAS and the clawback](/learn/oas-and-the-clawback). ## RRSP to RRIF at 71 By December 31 of the year you turn 71, your RRSP must be converted to a RRIF, used to buy an annuity or withdrawn. A RRIF requires a minimum withdrawal every year after it's set up. Drawing some RRSP money in lower-income years before 71 can smooth your tax and help keep you below the clawback. Couples can split eligible pension income, including RRIF payments once the owner is 65. See [how much to save for retirement](/learn/how-much-to-save-for-retirement-canada). [Free tool**CPP calculator**Enter your CPP estimate at 65 and see what you'd get starting anywhere from 60 to 70, and the age at which waiting pays off.](/tools/cpp-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator) ## Frequently asked questions When should I start CPP? You can start between 60 and 70. Starting before 65 cuts your pension by 0.6% a month, and waiting past 65 raises it by 0.7% a month, up to 42% more at 70. Health, other income and whether you need the money now all matter. What is the OAS clawback threshold for 2026? For 2026 income, the OAS recovery tax applies to net world income above $95,323. You repay 15% of the income over the threshold, up to the full OAS amount. Should I delay OAS? Delaying OAS past 65 increases it by 0.6% a month, up to 36% at 70. It can make sense if you have other income in your late 60s that would trigger the clawback, or expect a long retirement. While you wait you can't receive the Guaranteed Income Supplement. When do I have to convert my RRSP to a RRIF? By December 31 of the year you turn 71. You can convert earlier. Once it is a RRIF, you must withdraw at least the annual minimum each year, and withdrawals are taxable income. Can Kosh tell me what to invest in for retirement? No. Kosh is not registered with a securities regulator and doesn't recommend specific investments. It shows your spending, your income sources by age and the tax effect of each choice, which you can use on your own or with an advisor. ## Sources - [Canada.ca: When to start your CPP retirement pension](https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/when-start.html) - [Canada.ca: CPP retirement pension amount](https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-benefit/amount.html) - [Canada.ca: OAS payment amounts](https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/payments.html) - [Canada.ca: When to start your OAS pension](https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/when-start.html) - [CRA: Indexation adjustments for 2026](https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html) - [CRA: Pension income splitting](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/pension-income-splitting.html) - [CRA: RRSPs and Other Registered Plans for Retirement (T4040)](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html) General information for planning, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk.