RRIF Minimum Withdrawal
CanadaCalculate the minimum amount you must withdraw from your RRIF each year. CRA prescribed factors by age (and spouse age for joint RRIF). RRSP room.
5.4% of $300,000
Age 72 . You must withdraw at least this amount; more is allowed.
Based on CRA prescribed factors. Verify with your financial institution and CRA.
About this calculator
This calculator shows the minimum amount you must withdraw from your Registered Retirement Income Fund (RRIF) in a given year. When you convert an RRSP to a RRIF (required by the end of the year you turn 71), the Canada Revenue Agency (CRA) requires you to withdraw a minimum percentage of the RRIF balance each year based on your age (or the younger spouse's age for a joint RRIF). This tool uses the CRA prescribed factors so you can plan your income and avoid penalties.
How it works
The minimum withdrawal is your RRIF balance at the start of the year multiplied by the CRA prescribed percentage for your age. The percentage increases each year (e.g. lower at 71, higher at 90 and beyond). For a joint RRIF, the factor is based on the younger spouse's age, which results in a lower minimum and more tax-deferred growth.
You may withdraw more than the minimum in any year; the minimum is a floor, not a cap. Amounts withdrawn are taxable as income. This calculator uses the federal prescribed factors; your financial institution will apply the same rates. Verify with CRA and your RRIF provider.
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