Sources of income from the government  

 

QPP 

OAS 

GIS 

Minimum retirement age

60 years old 

65 years old 

65 years old 

Maximum retirement age

70 years old 

70 years old 

70 years old 

Eligibility criteria 

Worked in Quebec for more than 40 years for the maximum1, otherwise a prorated calculation is made

  • Lived in Canada for more than 40 years (1)
  • Income under $134,626 before 74; After 75: $137,331
  • Taxable income under $20,832 (2)
  • Receiving OAS

Taxable 

Yes 

Yes 

Yes 

  1. If a person is under 40, a prorated calculation will be made
  2. Talk to your advisor to learn if you qualify – https://www.canada.ca/fr/services/prestations/pensionspubliques/rpc/securite-vieillesse/supplement-revenu-garanti/admissibilite.html 

Sources of income from your employer  

 

Defined contribution plan 

Defined benefit plan

Group RRSP  

DPSP

Yield 

Not guaranteed

Guaranteed * 

Not guaranteed

Not guaranteed

Yield risks  

Assumed by the participant

Assumed by the employer

Assumed by the participant

Assumed by the participant

Amount accumulated

Variable

Based on years of service

Variable 

Variable 

*According to an actuarial review of the plan that determines the pension. Reviewed every 3 to 5 years.

Personal savings

 

RRSP 

TFSA 

Not registered  

Reverse mortgages  

Annuities (term-certain or lifetime annuities)

Contribution deductibility

Yes 

No

No

No

No

Maximum 

18% of income or $30,780 (1)

$6,500 (2) 

None 

None 

None 

Croissance 

Non-taxable 

Non-taxable 

Partially taxed

Non-taxable 

Partially taxed

Withdrawal

Taxable 

Non-taxable 

Partially taxed

Non-taxable 

Partial and level taxation for prescribed annuity, decreasing taxation for non-prescribed annuity

Minimum age

As soon as the individual generates earned income

18 years old 

18 years old

18 years old

Variable 

Maximum age 

70 years old 

None

None

None

None

  1. Indexed annually, and accumulated from the time the individual began earning an income
  2. Indexed to inflation to the nearest $500 and accumulated since the age of majority (18 in Quebec)

To learn more about the different sources of income applicable to you, or to get the financial support you need, book an appointment with one of our advisors.