Retirement is the biggest financial transition you'll make. This guide covers every major decision: when to take CPP and OAS, how to convert your RRSP to a RRIF, what happens to your workplace pension, and how to sequence your income to minimize tax.
Buy Instant Download — CA$9.99 →Canadian Edition 2026 · 62 pages · PDF format
Before you make any irreversible retirement decision, here are the four numbers and four programs every Canadian should understand — drawn directly from the handbook.
Those four numbers prevent the most common pre-retirement miscalculations. Want the full CPP/OAS timing analysis, the RRIF conversion walkthrough, and the income sequencing framework? Read on.
A visual map of the years leading up to retirement. The handbook covers each phase in detail with calculations, decision frameworks, and CRA forms.
Provincial health plans cover hospital and physician visits — but not the things retirees need most. Here's what you'll pay out of pocket (or insure separately) by province.
| Province | Prescription drugs (65+) | Dental | Vision (eye exams) |
|---|---|---|---|
| Ontario | ODB program covers 65+ with copays ($2-$6.11) | Not covered | Annual eye exam covered for 65+ under OHIP |
| British Columbia | Fair PharmaCare (income-based) | Not covered | Eye exam covered for 65+ under MSP |
| Alberta | Coverage for 65+ at 30% copay | Not covered | Eye exam covered annually for 65+ |
| Quebec | RAMQ public drug plan ($21.75/mo premium + copays) | Not covered | Eye exam covered for 65+ |
| Saskatchewan | Saskatchewan Drug Plan ($25 copay/Rx) | Not covered | Eye exam covered for 65+ |
| Manitoba | Pharmacare deductible (income-based) | Not covered | Eye exam covered every 2 years for 65+ |
| Nova Scotia | Seniors' Pharmacare ($424/yr premium + copays) | Not covered | Eye exam covered every 2 years for 65+ |
| New Brunswick | NB Drug Plan (income-based premiums) | Not covered | Eye exam covered for 65+ |
| Newfoundland | NLPDP (income-based) | Not covered | Eye exam not generally covered |
| PEI | Generic Drug Program (limited) | Not covered | Eye exam covered every 2 years for 65+ |
Snapshot only. Provincial drug plan coverage thresholds, premiums, and copays change annually. The handbook includes the full health-coverage gap calculation by province plus options for supplementary insurance.
Anyone 50-65 who has been told "talk to a financial advisor" — and wants to understand the decisions before that conversation
Couples coordinating two retirement timelines and pension start dates
People with employer pensions facing a commuted-value vs annuity decision
Anyone unclear on whether to take CPP at 60, 65, or 70
From financial planners and CRA case files, the same expensive mistakes appear again and again. Avoid these and you've avoided the bulk of retirement-planning damage.
The default "take it at 60" decision permanently reduces your monthly CPP by 36%. For most healthy 60-year-olds, deferring CPP until 70 (a 42% increase) is the single best risk-free return available in retirement planning. Most Canadians don't run the math.
Withdrawing from RRIF the same year you sell a property, or the same year you receive a large CPP back-payment, can push income above the OAS clawback threshold and erase $1,500-$8,000+ in benefits. Sequencing matters.
You must convert by the end of the year you turn 71. But you can convert earlier — and split RRIF income with a spouse for major tax savings. Most Canadians do this on autopilot at age 71 instead of treating it as a planning decision.
Dental, vision, prescription drugs (under 65 in some provinces), and physiotherapy can run $4K-$10K/year for a couple. Budgeting only for what provincial plans cover creates a major hole in year 5+ of retirement.
Commuted-value lump sums look attractive on paper but transfer all longevity risk to you. The annuity option (lifetime monthly payments) often wins on a real-world risk-adjusted basis. The handbook covers when each makes sense.
The retirement readiness deep-dive on CPP timing, OAS clawback, and RRIF conversion is on the publishing schedule. Subscribe to the free guide below to be notified.
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