Savings · RRIF
RRIF Minimum Withdrawal Calculator
Your required RRIF minimum for the year, from your age and your RRIF's value on January 1.
Your RRIF
RRIF minimum withdrawal rules
Each year you must take at least a minimum out of your RRIF, starting the year after you open it. The minimum is your RRIF's value on January 1 times a factor based on your age at the start of the year: 1 ÷ (90 − age) before 71, then a prescribed percentage.
Prescribed factors: age 71: 5.28%, age 72: 5.40%, age 75: 5.82%, age 80: 6.82%, age 85: 8.51%, age 90: 11.92%, age 95: 20.00%. You can use your younger spouse's age to get a lower minimum.
No tax is withheld on the minimum itself, but it's taxable income; amounts above it have the same withholding as an RRSP withdrawal. You must convert your RRSP to a RRIF by the end of the year you turn 71.
Sources: CRA: RRIF minimum amount
Frequently asked questions
What is the RRIF minimum withdrawal at age 72?
5.40% of the RRIF's value on January 1. On $300,000 that's $16,200 for the year.
How is the RRIF minimum calculated before age 71?
Divide 1 by (90 minus your age on January 1). At 65 that's 1 ÷ 25 = 4%.
Is tax withheld on RRIF minimum withdrawals?
No. The minimum has no withholding, but it's added to your income, so you may owe tax when you file. Amounts above the minimum have 10%, 20% or 30% withheld.
Can I use my spouse's age for my RRIF minimum?
Yes, if you choose it when you set up the RRIF. Using a younger spouse's age lowers the yearly minimum.
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