RRIF Minimum Withdrawal Calculator
Estimate the minimum amount you’re required to withdraw from your RRIF this year, based on your age and account balance.
This calculator is a simplified illustration for general education only. It is not tax, investment or financial advice, a projection, or a guarantee. Your own situation depends on your full circumstances — speak with us for planning tailored to you.
RRIF Minimum Withdrawal Calculator — questions
How is the RRIF minimum withdrawal calculated?
Multiply your RRIF balance on January 1 by the government-set percentage factor for your age. At 72 the factor is 5.40%; it rises each year, reaching 20% at age 95 and older.
When do I have to convert my RRSP to a RRIF?
You must convert your RRSP to a RRIF (or annuity) by December 31 of the year you turn 71, and begin minimum withdrawals the following year.
Is there tax on RRIF withdrawals?
Yes — RRIF withdrawals are fully taxable income. The required minimum has no withholding tax, but any amount above the minimum does have tax withheld.
Can I reduce my RRIF minimum?
If your spouse is younger, you can elect to use their age to calculate the minimum, which lowers the required amount and the tax that comes with it.
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