Retirement Income Calculator

In Canada there are three basic source of Retirement Income. First is RRSP which is kind of self funding scheme where you save your self for your retirement. This is an optional way of saving money but Canadian Govt. encourages it by giving tax rebate on this saving. The second type of funding is "OLD AGE PENSION" which is based on your age and length of stay in Canada. If you are above 65 and lived in Canada for 10 years or more you may be eligible for this pension. The thirds type of retirement income can be CPP PENSION. This is a kind of contributory pension and the amount which you may receive after retirement depends on two factors. One how much did you contribute every year and second how long did you contribute. But there is ceiling put on this type of pension and the present ceiling is $ 934 per month.

Service Canada has developed a calculator which can help you to know how much you may get CPP pension after your retirement.

Click here to view the calculator

Mitax Financial Corporation
2355 Derry Rd. East, Unit 46 (Upper Floor),
Mississauga, Ontario L5S 1V6

Telephone: (905) 461-4949
Cell: (416) 565-8299
FAX: (905) 677-6423

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