Retiring in Canada Checklist: CPP, OAS, GIS, RRSP, TFSA, Will, and Power of Attorney
Retiring in Canada: the checklist for the Canada Pension Plan, Old Age Security, the Guaranteed Income Supplement, RRSP and TFSA room, and the will and power of attorney, with the current maximums.
Written November 7, 2026 · 6 min read
Applies in: CA
Retiring in Canada is a set of separate applications, not one event. The Canada Pension Plan never starts on its own. Old Age Security enrols some people automatically and asks others to apply. The Guaranteed Income Supplement, RRSP room, and TFSA room each have their own rules and their own numbers. This checklist puts the applications in order and states the current maximums, so you can see what each piece is worth before you decide when to start it.
Work the list in order. Apply for CPP and OAS first, then check the supplement, then use the RRSP and TFSA room, then put the will and power of attorney in place.
Apply for the CPP retirement pensionThe maximum CPP pension at age 65 is $1,507.65 a month as of January 2026. The average is $858.34 a month as of July 2026.
2
Apply for Old Age Security, or confirm automatic enrolmentThe maximum OAS pension is $762.50 a month at age 65 to 74 and $838.75 a month at age 75 and over, for October to December 2026.
3
Check the Guaranteed Income SupplementA single person can receive up to $1,138.90 a month, with annual net income under $23,112.
4
Choose when CPP startsYour start age changes the monthly amount. Read the start-age rules in the CPP guide before choosing.
5
Check RRSP roomThe RRSP dollar limit is $35,390 for 2027 and $36,390 for 2028.
6
Check TFSA roomThe TFSA dollar limit is $7,000 for 2026. The 2027 limit had not been announced on the CRA limits page as of October 28, 2026.
7
Make or update your willWills are provincial. Review the will against the rules of the province where you live.
8
Make a power of attorneyDocument types and witnessing rules differ by province, so use the form for your province.
Questions people ask
Do CPP and Old Age Security start automatically when I turn 65?
No, not both. The CPP retirement pension never starts on its own: you must apply, online through My Service Canada Account or on paper. Some people are enrolled in Old Age Security automatically, and Service Canada writes to them before their 65th birthday. If you do not receive that letter, you must apply. The OAS guide linked in item 2 covers automatic enrolment and the application routes.
How much CPP will I get?
It depends on your contributions and your start age. The maximum CPP pension at age 65 is $1,507.65 a month as of January 2026, and the average pension at age 65 is $858.34 a month as of July 2026. Those are the published maximum and average, not a promise: your own amount depends on how much and for how long you contributed and when you start collecting. Check your own estimate in My Service Canada Account, which shows your statement of contributions.
How much Old Age Security will I get, and what changes at 75?
For October to December 2026, the maximum OAS pension is $762.50 a month at age 65 to 74 and $838.75 a month at age 75 and over. The higher amount at 75 reflects the permanent 10 percent increase for seniors aged 75 and over that took effect in July 2022. Those are maximums for a full pension: if you lived in Canada for at least 10 years but less than 40 years after age 18, you receive a partial pension, and income above the threshold reduces it.
What is the Guaranteed Income Supplement, and who gets it?
The Guaranteed Income Supplement is a monthly benefit for low-income seniors who already receive the Old Age Security pension. For October to December 2026, a single, widowed, or divorced person can receive up to $1,138.90 a month, with annual net income under $23,112. The amount is recalculated each July from your net income in the previous calendar year, so it can rise, fall, or stop as your income changes. Apply through Service Canada if you think you qualify.
What are the RRSP and TFSA limits for 2027?
The RRSP dollar limit is $35,390 for 2027 and $36,390 for 2028, as published on the Canada Revenue Agency limits page. Your own RRSP deduction limit is the lower of that dollar limit and 18 percent of your earned income, less any pension adjustment, so check your own notice of assessment. The TFSA dollar limit is $7,000 for 2026, and the 2027 limit had not been announced on the CRA limits page as of October 28, 2026. The TFSA and RRSP limits guide linked below carries the current status.
Should I take CPP at 60 or wait until 70?
There is no single right answer, and this checklist does not pick one. Your start age changes the monthly amount for life, so the choice depends on your health, your other income, and whether you keep working. Read the start-age rules in the CPP guide linked in item 4, check your own estimate and statement of contributions in My Service Canada Account, and run the Canadian Retirement Income Calculator before deciding. If you keep working while receiving CPP and are under 70, each year of contributions adds a post-retirement benefit.
Government of Canada, How much you could receive — the maximum CPP pension at age 65 of $1,507.65 a month as of January 2026 and the average of $858.34 a month as of July 2026, linked in items 1 and 4.
Government of Canada, Old Age Security payment amounts — the maximum OAS pension of $762.50 and $838.75 a month and the Guaranteed Income Supplement maximum of $1,138.90 a month, for October to December 2026, linked in items 2 and 3.
Every figure in this checklist was verified on the official page cited in Sources, opened on November 7, 2026. The 2027 TFSA dollar limit had not been announced on the Canada Revenue Agency limits page as of October 28, 2026; this checklist states that plainly rather than guessing it.
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