Posted on September 8th, 2017 in Domestic Tax

RETIREMENT INCOME CALCULATOR: Ensure you are Financially Ready

The Canadian Retirement Income Calculator provided by the Government of Canada estimates retirement income generated through a number of programs such as the Canada Pension Plan, Old Age Security pension, an individual’s employer’s pension plan, RRSPs, and other sources based on past and intended contributions.

When using this tool, individuals should have their CPP Statement of Contributions, financial information about their employer’s pension, most recent RRSP statement, and any other information related to savings that will provide for ongoing monthly retirement income.

Action Item: Use this tool to help asses your financial readiness for retirement.

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Article originally published in: Tax Tips & Traps 2017 Third Quarter – Issue 119.