Annual checklist and current numbers

13.1 One annual checklist

• ☐ Update account balances, ownership, beneficiaries, fees, investment mix, and debt balances.
• ☐ Estimate current-year taxable income before year-end and project next year.
• ☐ Review asset location across RRSP/RRIF, TFSA, and non-registered accounts for tax efficiency.
• ☐ Check RRSP deduction limit, unused contributions, pension adjustment, and planned contribution timing.
• ☐ Review RRSP/RRIF withdrawals, withholding, instalments, RRIF minimum, spouse-age election, and any bracket top-up opportunity.
• ☐ Review decumulation buckets/cash reserve and rebalance as needed.
• ☐ Review CPP/OAS timing, PRB contributions, CPP sharing, and any divorce/separation credit-splitting issue.

• ☐ Check OAS recovery tax, GIS, GAINS, Allowance benefits, GST/HST credit, OTB, age amount, and pension amount.
• ☐ Renew or confirm CDCP; review ODB formulary, co-payment status, and Trillium Drug Program if drug costs are high.
• ☐ Check HATC, MHRTC, CCC, medical expenses, DTC/RDSP, and ADP opportunities — and any change-in-use/PRE impact of renovations.
• ☐ Apply for OSHPTG and confirm your local municipality/upper-tier region property-tax deferral, rebate, or utility programs before deadlines (use 211 Ontario if unsure what exists locally).
• ☐ Review any planned housing transition/downsizing: transaction costs, land transfer tax on a new home, reverse-mortgage/HELOC terms, and effect of sale proceeds on net income and benefits.
• ☐ Review insurance: life, disability, critical illness, health/dental, travel medical, and long-term-care exposure.
• ☐ For travel, count U.S. days, review Form 8840, provincial residency rules, trip limits, medical stability periods, and any U.S. estate-tax/FX exposure.
• ☐ Compare actual spending with the budget; update inflation, housing, repair, vehicle, and care assumptions (note which income is indexed).
• ☐ Confirm home-care/LTC readiness: know how to reach Ontario Health atHome and 211 Ontario before a crisis.
• ☐ Stress-test market decline, longevity, spouse death, incapacity, care, and a home sale or move.
• ☐ Review wills, multiple-will asset schedules, any Alter Ego/Joint Partner Trust, joint-ownership arrangements, affidavit of execution, two POAs (Property and Personal Care), advance-care wishes, beneficiaries, executor, TCP, and digital access.
• ☐ Review disabled-beneficiary planning, RDSP, trusts, and benefit preservation where applicable.
• ☐ Refresh fraud defences: passwords, MFA, alerts, and review current scam typologies with family/TCP.
• ☐ Verify advisor registration, fees, conflicts, scope, and whether recommendations remain suitable.
• ☐ Discuss major changes with family and the relevant tax, legal, insurance, investment, or health professional.

13.2 Current-Number Appendix

Edition date: July 13, 2026. Most figures verified on July 13, 2026; corrected entries are dated individually. Geographic scope: Ontario, Canada.

Currency: Canadian dollars unless otherwise stated Important: This appendix is a dated reference, not a substitute for checking current government rules. OAS, GIS and Allowance amounts are adjusted quarterly. Drug, long-term-care and municipal figures can change during the year. Personal eligibility depends on income, residency, marital status, contribution history and other circumstances.

13.2.1 Canada Pension Plan — 2026

• The maximum CPP amount is not the amount most retirees receive. It generally requires a strong contribution record near the annual maximum pensionable earnings.
• CPP is taxable.
• Starting before age 65 permanently reduces the pension; delaying after 65 increases it, up to age 70.
• Combined survivor and retirement benefits are subject to a combined maximum and should not be calculated by simply adding two full pensions.

Official source:

https://www.canada.ca/en/services/benefits/publicpensions/cpp/payment-amounts.html

13.2.2 Old Age Security, GIS and Allowance — October to December 2026

Old Age Security

The age-75 increase is 10% relative to the age-65-to-74 maximum. OAS is taxable and may be reduced by the recovery tax.

Guaranteed Income Supplement

Allowance and Allowance for the Survivor

GIS, Allowance and Allowance for the Survivor are not taxable, but they are income-tested and recalculated based on prior-year income. Official source: Government of Canada — OAS payment amounts.

13.2.3 OAS Recovery Tax Threshold

Planning note: The repayment is based on individual net income, not family income. The upper income level at which OAS is fully recovered differs for recipients aged 65–74 and 75+ because their maximum OAS payments differ. Official source: https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/recovery-tax.html

13.2.4 Ontario Guaranteed Annual Income System — GAINS

• GAINS is an Ontario supplement for qualifying low-income seniors who receive OAS and GIS.
• Ontario normally determines eligibility automatically from the income-tax return and federal benefit information.
• “Private income” for GAINS purposes is not identical to total cash received. Confirm the calculation with Ontario or Service Canada. Official source: https://www.ontario.ca/page/guaranteed-annual-income-system-payments-seniors

13.2.5 2026 Federal and Ontario Personal Income-Tax Brackets

These are marginal tax brackets. They do not include tax credits, the Ontario health premium, Ontario surtax, OAS recovery tax or reductions to income-tested benefits.

Federal tax brackets — 2026

Ontario tax brackets — 2026

Ontario surtax

Planning note: Ontario’s surtax is calculated on Ontario tax, not directly on taxable income. Consequently, the effective marginal Ontario rate may be higher than the headline bracket rate. Official sources: Canada Revenue Agency — individual tax rates and Payroll Deductions Tables.

13.2.6 TFSA and RRSP Limits — 2026

• The 2026 RRSP dollar limit is 18% of 2025 earned income, up to $33,810, plus unused contribution room, subject to pension adjustments and other personal factors.
• A person’s actual RRSP deduction limit is the amount shown on the latest CRA Notice of Assessment or CRA My Account.
• Actual TFSA room must be calculated using personal contributions and withdrawals; CRA records can lag behind financial-institution activity.
• A TFSA withdrawal normally creates equivalent new contribution room on January 1 of the following year, not immediately. Official sources: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributing.html https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html

13.2.7 RRIF Minimum Withdrawal Factors

The minimum is calculated using the RRIF’s fair market value at the beginning of the year multiplied by the applicable factor. The owner may elect, when establishing the RRIF, to use a younger spouse’s or common-law partner’s age.

Under 71: 1 ÷ (90 − age).

Verified on: October 15, 2026

Official source: Canada Revenue Agency — prescribed RRIF factors.

13.2.8 Canadian Dental Care Plan — CDCP

Important: A provider may charge more than the CDCP fee schedule. The patient can therefore owe both the applicable co-payment and any amount above the CDCP-approved fee. Some services require preauthorization. Official sources: CDCP coverage and CDCP eligibility.

13.2.9 Ontario Drug Benefit — Seniors

Planning notes

• ODB does not cover every prescription.
• Coverage may require a Limited Use code or Exceptional Access Program approval.
• Brand-name selections and pharmacy charges above the ODB-approved amount may create additional costs.
• Before cancelling private retiree drug coverage, ask a pharmacist to check every ongoing medication against the Ontario formulary.

Official sources: Ontario Drug Benefit coverage and Seniors Co-Payment Program.

13.2.10 Ontario Senior Homeowners’ Property Tax Grant

The grant is income-tested and is claimed through the annual income-tax return. The amount is reduced as family income rises. Official sources: Ontario Senior Homeowners’ Property Tax Grant and Canada Revenue Agency — OSHPTG.

13.2.11 Home-Renovation Tax Credits

• HATC eligibility depends on the qualifying individual, the eligible dwelling and the nature of the renovation.
• MHRTC generally applies to creating a qualifying self-contained secondary unit for an eligible senior or adult eligible for the Disability Tax Credit.
• The same expense cannot normally be used twice where tax-credit anti-duplication rules apply.
• Rental or income-producing use of part of a residence can raise Principal Residence Exemption and change-in-use issues. Claiming the MHRTC alone does not automatically cause a loss of the exemption. Official sources: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/home-accessibility-expenses.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/multigenerational-home-renovation.html

13.2.12 Ontario Long-Term-Care Accommodation Charges

The Ontario government pays for nursing and personal care in licensed long-term-care homes. Residents pay an accommodation co-payment. Current maximum monthly charges should be confirmed when applying because Ontario may update rates during the year.

• A resident with insufficient income may apply for a rate reduction for a basic room.
• The rate reduction does not normally subsidize the premium for semi-private or private accommodation.
• Retirement homes are different from long-term-care homes and set their own private-market prices. Official source: Ontario — Paying for long-term care

13.2.13 Ontario Estate Administration Tax

Worked example: $1,200,000 probate estate

• First $50,000: $0
• Remaining $1,150,000 × 1.5% = $17,250 Estate Administration Tax

Important: Estate Administration Tax is separate from income tax triggered at death. RRSP/RRIF income inclusion, deemed dispositions, capital gains and estate-return tax may be much larger than probate tax.

Official source: Government of Ontario — Estate Administration Tax.

13.2.14 Annual Verification Checklist

• [ ] CPP maximum and average new-beneficiary amounts
• [ ] OAS, GIS, Allowance and Allowance for the Survivor quarterly amounts
• [ ] OAS recovery-tax threshold
• [ ] Ontario GAINS maximum and thresholds
• [ ] Federal and Ontario tax brackets and Ontario surtax thresholds
• [ ] TFSA and RRSP limits
• [ ] RRIF factors, if legislation changes
• [ ] CDCP income bands and co-payment percentages
• [ ] ODB deductible, co-payment and Seniors Co-Payment Program thresholds
• [ ] Ontario Senior Homeowners’ Property Tax Grant
• [ ] HATC and MHRTC limits
• [ ] Ontario long-term-care accommodation charges
• [ ] Ontario Estate Administration Tax rates
• [ ] Every cited government page remains active

13.2.15 RRSP and RRIF Withholding Tax Rates — Residents Outside Quebec

Financial institutions withhold tax at source on lump-sum RRSP withdrawals and on RRIF amounts withdrawn above the annual minimum.

Planning notes

• No withholding applies to the RRIF minimum amount — but the minimum is still fully taxable; consider requesting voluntary extra withholding or paying instalments.
• A series of related withdrawals may be aggregated and withheld at the higher tier.
• Withholding is a prepayment only; final tax depends on total annual income and may be higher or lower (see §5.5).
• Quebec residents face different combined federal/provincial withholding.

Verified on: July 15, 2026

Official source: Canada Revenue Agency — tax rates on withdrawals.

Source-control note

Figures in this appendix were checked against official Government of Canada, Canada Revenue Agency and Government of Ontario pages in July 2026. The CPP, OAS recovery-tax, GAINS, Ontario Drug Benefit, Ontario Seniors Dental Care, and Ontario Senior Homeowners’ Property Tax Grant entries were rechecked on October 15, 2026. The figures should be reviewed at least annually and quarterly where OAS-related benefits are involved.