Retirement Checklist for Canadians

By Shea Sanche, CFP® · Last reviewed: April 2026

Year Three: Build the Foundation

Three years out: complete a comprehensive financial plan with a retirement income model; determine your optimal CPP start date (60, 65, or 70 - the difference is significant); assess your RRSP vs. TFSA contribution strategy for the final years; review life, disability, and critical illness coverage; and begin thinking about your retirement lifestyle design.

Year Two: Optimize the Structure

Two years out: begin RRSP meltdown planning if appropriate (converting RRSP income at lower rates before OAS clawback thresholds); review your investment asset allocation and begin de-risking if appropriate; finalize your retirement income architecture (which accounts to draw from, in what order, and when); and update your Will and Powers of Attorney.

Year One: Execute the Transition

One year out: apply for CPP (if starting at 65) and OAS; confirm pension elections if you have a defined benefit plan; finalize your cash flow plan for the first 24 months of retirement (most people underestimate the adjustment period); review beneficiary designations; and complete your Life File.

The Income Architecture Decision

The single most impactful decision in the year before retirement is your income architecture - the sequence and source of retirement income withdrawals. The right sequence can reduce your lifetime tax bill by tens of thousands of dollars and extend your financial security by years.

Don't Do This Alone

Retirement is the most complex financial transition most Canadians make. The cost of an error - in CPP timing, tax sequencing, or asset allocation - is permanent. This is exactly the scenario where a Certified Financial Planner with a comprehensive planning system (like the Insight 360° OS) adds the most value.

Common Questions

Answers to the questions people actually ask.

How much do I need to retire in Canada?

It depends on after-tax spending, inflation, longevity, and how income sources fit together. Strong plans model CPP/OAS timing and withdrawal sequencing, not just a single number.

Should I take CPP early or defer it?

Deferring CPP increases guaranteed lifetime income, but the right choice depends on health, other income, and tax interactions (including OAS clawback).

What is the best withdrawal order in retirement?

There is no universal order. Strong plans coordinate RRSP/RRIF, TFSA, and non-registered withdrawals to manage marginal tax rates and benefit clawbacks over time. ← Back to all articles

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Retirement Checklist Canada: What to Do Within 3 Years Before You Stop Working