Chapter 13 of 13
Annual checklist and current numbers
Use the annual checklist and review the edition’s dated benefit, tax, credit, and RRIF figures.
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
| Benefit | Average monthly amount for new beneficiaries | Maximum monthly amount | Applicable period | Verified on | Official source |
|---|---|---|---|---|---|
| CPP retirement pension starting at age 65 | $877.01 | $1,507.65 | Average: April 2026; maximum: benefits beginning January 2026 | September 4, 2026 | Government of Canada — CPP monthly amounts |
| CPP Post-Retirement Benefit at age 65 | $25.76 | $54.69 | 2026 | September 4, 2026 | Government of Canada — CPP monthly amounts |
| CPP survivor’s pension, age 65+ | $339.36 | $904.59 | 2026 | September 4, 2026 | Government of Canada — CPP monthly amounts |
| Combined CPP survivor’s and retirement pension at age 65 | $1,103.97 | $1,531.56 | 2026 | September 4, 2026 | Government of Canada — CPP monthly amounts |
- 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 — July to September 2026
Old Age Security
2025 net-world-
Maximum income ceiling Applicable Verified
Recipient monthly shown for period on Official source
OAS payment
eligibility July– Government of
Age 65– $751.97 Less than September July 13, Canada — Old Age
74 $152,062 2026 2026 Security payment
amounts
July– Government of
Age 75+ $827.17 Less than September July 13, Canada — Old Age
$157,923 2026 2026 Security payment
amounts
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
Maximum Maximum Income Applicable Verified Official
Situation monthly annual basis period on source
GIS income
Recipient’s Government
Single, annual July– of Canada —
widowed or $1,123.17 Less than income, September July 13, Old Age
divorced $22,800 generally 2026 2026 Security
excluding payment
OAS amounts
Spouse/partner Less than Couple’s July– July 13,
receives full $676.09 $30,096 combined September 2026 Same source
OAS combined income 2026
Spouse/partner Less than Couple’s July– July 13,
receives the $676.09 $42,144 combined September 2026 Same source
Allowance combined income 2026 Maximum Maximum Income Applicable Verified Official
Situation monthly annual basis period on source
GIS income
Spouse/partner Less than Couple’s July–
does not $1,123.17 $54,624 combined September July 13, Same source
receive OAS or combined income 2026 2026
AllowanceAllowance and Allowance for the Survivor
Maximum Maximum Applicable Verified
Benefit monthly annual period on Official source
amount income Allowance, age 60– Government of
64, spouse/partner Less than July– July 13, Canada — Old
receives GIS and $1,428.06 $42,144 September 2026 Age Security
full OAS combined 2026 payment
amounts
Allowance for the Less than July– July 13,
Survivor, age 60–64 $1,702.34 $30,696 September 2026 Same source
2026
GIS, Allowance and Allowance for the Survivor are not taxable, but they are income-tested and
recalculated based on prior-year income.
Official source:
https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/payments.html13.2.3 OAS Recovery Tax Threshold
| Item | Amount | Applicable year | Verified on | Official source |
|---|---|---|---|---|
| OAS recovery-tax starting threshold | $95,323 | 2026 income year | September 4, 2026 | Government of Canada — OAS recovery tax |
| Recovery rate | 15% of net income above the threshold, until OAS is fully recovered | 2026 income year | September 4, 2026 | Government of Canada — OAS recovery tax |
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
| Item | Amount or threshold | Applicable period | Verified on | Official source |
|---|---|---|---|---|
| Maximum GAINS payment — single senior | Up to $92 per month | July 2026–June 2027 | September 4, 2026 | Government of Ontario — GAINS payments for seniors |
| Maximum GAINS payment — senior couple | Up to $184 per month | July 2026–June 2027 | September 4, 2026 | Same source |
| Single senior upper private-income threshold | $4,416 annually | July 2026–June 2027 | September 4, 2026 | Same source |
| Senior couple upper combined private-income threshold | $8,832 annually | July 2026–June 2027 | September 4, 2026 | Same source |
- 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
Taxable-income Federal Verified Official source
portion rate on Up to $58,523 14% July 13, Canada Revenue Agency — Tax rates and
2026 income brackets for individualsOver $58,523 to 20.5% July 13, Same source $117,045 2026
Taxable-income Federal Verified Official source
portion rate onOver $117,045 to 26% July 13, Same source $181,440 2026
Over $181,440 to 29% July 13, Same source $258,482 2026
Over $258,482 33% July 13, Same source 2026
Ontario tax brackets — 2026
Taxable-income Ontario Verified Official source
portion rate on Up to $53,891 5.05% July 13, Canada Revenue Agency — Payroll
2026 Deductions Tables, Ontario
Over $53,891 to 9.15% July 13, Same source
$107,785 2026Over $107,785 to 11.16% July 13, Same source $150,000 2026
Over $150,000 to 12.16% July 13, Same source
$220,000 2026
Over $220,000 13.16% July 13, Same source
2026Ontario surtax
Ontario tax before Surtax surtax
Up to $5,818 None
Over $5,818 to $7,446 20% of Ontario tax above $5,818 Over $7,446 20% of Ontario tax above $5,818, plus 36% of Ontario tax above $7,446 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: https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/canadian-income-tax-rates-individuals-current-previous-years.html https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/t4032-payroll-deductions-tables.html
13.2.6 TFSA and RRSP Limits — 2026
Item 2026 amount Verified Official source on
TFSA annual July 13, Canada Revenue
contribution limit $7,000 2026 Agency — TFSA
contribution limits
Maximum cumulative
TFSA room for a person July 13, Canada Revenue
eligible for every year $109,000 2026 Agency
since 2009 and who
never contributed- 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. Age at start of year Minimum factor
72 5.40%
73 5.53%74 5.67%
Age at start of year Minimum factor
75 5.82%
76 5.98%77 6.17%
78 6.36%
79 6.58%80 6.82%
81 7.08%
82 7.38%
83 7.71% 84 8.08%
85 8.51%86 8.99%
87 9.55%
88 10.21%89 10.99%
90 11.92%
91 13.06%92 14.49%
93 16.34%
94 18.79%95 and older 20.00% Verified on: July 13, 2026 Official source: Canada Revenue Agency — Registered Retirement Income Funds and prescribed minimum factors. Official source: https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/registered-retirement-savings-plans-registered-retirement-income-funds-rrsps-rrifs.html
13.2.8 Canadian Dental Care Plan — CDCP
Adjusted CDCP share of Patient co-family net the CDCP fee payment against Verified Official source
income schedule the CDCP fee on
schedule Under July 13, Government of Canada
$70,000 100% 0% 2026 — CDCP coverage and
co-payments$70,000– 60% 40% July 13, Same source $79,999 2026 $80,000– 40% 60% July 13, Same source $89,999 2026 $90,000 or Not eligible 100% July 13, Government of Canada more 2026 — CDCP eligibility 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: https://www.canada.ca/en/services/benefits/dental/dental-care-plan/coverage.html https://www.canada.ca/en/services/benefits/dental/dental-care-plan/qualify.html
13.2.9 Ontario Drug Benefit — Seniors
| Senior category | Annual deductible | Maximum patient co-payment per covered prescription | Income threshold | Applicable period | Verified on | Official source |
|---|---|---|---|---|---|---|
| Standard ODB senior coverage | Up to $100 | Up to $6.11 after the deductible | Not income-tested for basic age-65 eligibility | ODB benefit year: August 1–July 31 | September 4, 2026 | Government of Ontario — prescription-drug coverage |
| Seniors Co-Payment Program — single senior | $0 | Up to $2 | Net income of $25,480 or less | August 1, 2026–July 31, 2027 | September 4, 2026 | Government of Ontario — Seniors Co-Payment Program |
| Seniors Co-Payment Program — senior couple | $0 | Up to $2 each | Combined net income of $42,290 or less | August 1, 2026–July 31, 2027 | September 4, 2026 | Same source |
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
| Item | Amount or rule | Verified on | Official source |
|---|---|---|---|
| Maximum annual grant | Up to $500 per household | September 4, 2026 | Government of Ontario / Canada Revenue Agency — Ontario Senior Homeowners’ Property Tax Grant |
| Age requirement | At least one spouse or partner is age 64 or older on December 31 of the previous year | September 4, 2026 | Same source |
| General eligibility | Ontario resident who paid property tax on a principal residence and meets the income rules | September 4, 2026 | Same source |
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
Eligible Credi Maximu Refundable Verifie
Credit expenditur t rate m credit ? d on Official source
e limit
Up to Canada
Home Up to $3,000 Revenue
Accessibility $20,000 15% federal No July 13, Agency —
Tax Credit — annually tax 2026 Home
HATC reduction Accessibility
Tax Credit- 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.
Maximum Accommodation monthly Approximate Verified type resident charge daily rate on Official source used for this edition
Government of Ontario
Basic / standard $2,085.37 $68.56 July 13, — Long-term-care
room 2026 accommodation costs
and subsidy- 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: https://www.ontario.ca/page/get-help-paying-long-term-care
13.2.13 Ontario Estate Administration Tax
Estate value covered by the Tax rate Verified Official source Certificate of Appointment on
First $50,000 of estate value $0 July 13, Government of Ontario —
2026 Estate Administration Tax
$15 for every July 13, Government of Ontario —
Estate value above $50,000 $1,000, or part of 2026 Estate Administration Tax
$1,000
This is equivalent to 1.5% on the portion above $50,000.
Example- 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: https://www.ontario.ca/page/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.
Withdrawal amount Withholding rate (outside Quebec) Up to $5,000 10% $5,000.01 to $15,000 20% Over $15,000 30%
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: [July15, 2026]
Official source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals/tax-rates-on-withdrawals.html
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, and Ontario Senior Homeowners’ Property Tax Grant entries were rechecked on September 4, 2026. The figures should be reviewed at least annually and quarterly where OAS-related benefits are involved.
Educational guide only. Rules and benefit amounts change. Confirm important decisions with official sources and qualified professionals.