RRSP GIS Calculator

Are you Canadian?
Low income?
Approaching retirement?
Having savings in an RRSP?

If you answered yes to the above, withdrawing from your RRSP (Registered Retirement Savings Plan) during retirement could reduce the amount of GIS (Guaranteed Income Supplement) you're entitled to. Use this calculator to find out if you could be eligible for more GIS by cashing out your RRSP before retiring.

Enter your data then click Calculate.

The calculator’s results are rough estimates and are based on the information that you provided. The results should not be considered financial advice. Eligibility for GIS depends on all sources of income as reported on the income tax form. The calculations here assume that all sources of income not shown here are zero. It is also assumed that you are eligible for full Old Age Security (40 years in Canada) and will have no earned income after age 65. For couples, it is assumed that both are receiving GIS. There may be addition GIS ("top-ups") that are paid by some provinces; they are automatic once you get the federal GIS. A life expectancy of 85 is assumed which is the average value for someone who has reached age 65.
Software License|Actuarial Studies|Icon Attributions

The upside-down world of financial planning for low-income Canadians

Listen to the episode of Mostly Money podcast that inspired this project.

TFSA or RRSP

Learn how a TFSA can be a better choice than an RRSP when retiring on a low income.

Open Policy Ontario

Website belonging to John Stapleton, a social policy expert with a special interest in retirement on a low income and income security programs in Canada.

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