CPP & OAS timing
We model early vs. deferred start dates against your health profile, other income sources, and projected longevity to find the break-even point that matters to your situation.
Income Strategy
How do you turn a lifetime of savings into reliable monthly income?
Your Terravnova advisor maps every income source — CPP, OAS, pensions, RRIFs — and sequences them for maximum tax efficiency over a 30-year horizon.
What income strategy planning actually involves
Retirement income isn't a single switch you flip. CPP can start as early as 60 or as late as 70, and the difference in lifetime benefit can exceed $100,000. OAS has its own deferral logic. RRSPs must convert to RRIFs by 71, with mandatory minimum withdrawals that interact with OAS clawback thresholds. Annuities can floor your income but eliminate flexibility. Every one of these decisions affects every other. Terravnova builds a sequenced drawdown schedule — a year-by-year income map — that shows exactly which accounts you draw from, in what order, and at what tax rate, so you keep more of what you've saved.
The components of your income plan
Each lever is modelled individually, then integrated into one coordinated strategy.
RRIF drawdown sequencing
Your advisor calculates minimum withdrawal schedules, identifies years when discretionary top-ups make sense, and monitors OAS clawback exposure annually.
Annuity analysis
We compare annuity quotes against self-managed drawdown to determine whether guaranteed income floors serve your risk tolerance and legacy goals.
Tax-bracket management
By coordinating RRIF withdrawals, TFSA draws, and non-registered income in the right order, we aim to keep your average tax rate materially below your marginal rate.
Common questions about retirement income
When should I start CPP?
There's no universal answer — it depends on your health, other income, and how long you expect to need the money. We model break-even ages for your specific numbers. For many clients in good health with other income sources, deferring to 68 or 70 adds meaningful lifetime value.
Will OAS clawback affect me?
OAS clawback begins at a net income threshold that changes each year (roughly $90,000 in recent years). We track this threshold and structure your withdrawals to keep income below it wherever possible — often by drawing TFSA funds instead of RRIF in high-income years.
Do I need an annuity?
Not necessarily. Annuities trade flexibility for certainty. We analyze whether a partial annuity to floor essential expenses — while keeping the rest of your portfolio liquid — gives you the best of both worlds. The decision depends on your pension situation, health, and legacy priorities.
What if my income needs change mid-retirement?
Your income plan is a living document. If you have a major expense — home renovation, travel, health costs — or a windfall like an inheritance, your advisor revises the drawdown schedule at the next quarterly check-in or sooner if needed.
I kept hearing from advisors that I should “take CPP early just in case.” My Terravnova advisor ran the actual numbers — deferring to 68 added over $80,000 in lifetime benefit based on my situation. We built the bridge income from my TFSA. I'm glad I asked.
Robert Tremblay, Brossard
Map your income before retirement surprises you
A 45-minute call is enough to see whether your current plan accounts for CPP timing, RRIF minimums, and OAS clawback.