How to use the RRIF minimum withdrawal calculator
- 1 Enter your RRIF balance on January 1.
- 2 Enter your age on January 1, or your spouse's if younger and you chose that.
- 3 Enter the amount you plan to withdraw, or 0 for the minimum.
- 4 Choose whether you live in Quebec and read the result.
Worked example
A $400,000 RRIF at age 72. The factor is 5.40%, so the minimum is $21,600 for the year, or $1,800 a month, with no tax withheld. Taking $40,000 instead puts $18,400 above the minimum, so 30% ($5,520) is withheld and you receive $34,480. At 65, a $300,000 RRIF has a minimum of $12,000 (4%).
Planning RRIF withdrawals
- Use a younger spouse's age for a lower minimum.
- Split RRIF income with your spouse from 65.
- Move extra cash to a TFSA if you have room.
- Watch the OAS clawback on large withdrawals.
Check the GIS Calculator and OAS Clawback Calculator, and time your pension with the CPP Calculator.
Features
CRA factors
1/(90 − age) under 71, then prescribed factors from 5.28% at 71 to 20% at 95.
Withholding tax
10%, 20% or 30% on amounts above the minimum, Quebec rates included.
Monthly view
Shows the minimum as a monthly amount.
When to use it
Turning 71
Plan your first RRIF year, and time your pension with the CPP Calculator.
Low-income seniors
RRIF income reduces the GIS. Check it with the GIS Calculator.
High-income retirees
Large withdrawals can trigger the OAS clawback. See the OAS Clawback Calculator.
Tax planning
See your rate on extra withdrawals with the Marginal Tax Rate Calculator.
Related Savings and Investing tasks
Frequently asked questions
When do I have to convert my RRSP to a RRIF?
By December 31 of the year you turn 71. The first minimum withdrawal is due in the following year.
How is the RRIF minimum calculated?
Your January 1 balance times a factor based on your age. Under 71 the factor is 1 divided by (90 minus your age), so 4% at 65. From 71 it follows the CRA table: 5.28% at 71, 5.40% at 72, rising to 20% at 95 and over.
Is tax withheld on the minimum?
No. Your RRIF issuer does not withhold tax on the minimum, but it is taxable income on your return.
What tax is withheld on extra withdrawals?
Outside Quebec, 10% on amounts up to $5,000 above the minimum, 20% from $5,000 to $15,000 and 30% above. In Quebec it is 5%, 10% or 15% federal plus 14% Quebec.
Can I use my spouse's age?
Yes. When you set up the RRIF you can choose to base the minimum on your spouse's or common-law partner's age, which gives a lower minimum if they are younger.
Do I have to withdraw in the first year?
No. There is no minimum in the year the RRIF is opened; payments start the following year.
Can I put the withdrawal into a TFSA?
Yes, if you have TFSA room. The withdrawal is still taxable, but future growth in the TFSA is tax-free.
Is RRIF income eligible for pension splitting?
Yes. From age 65, up to half of RRIF income can be split with your spouse on your tax returns, and it qualifies for the $2,000 pension income credit.
Was the RRIF minimum reduced?
It was cut by 25% for 2020 only. For 2026 the normal factors apply.
What happens to my RRIF when I die?
If your spouse or common-law partner is the successor annuitant or beneficiary, the RRIF can pass to them tax-deferred. Otherwise the full value is usually taxed as income on your final return.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Built and reviewed by Hamza Farooq, founder and lead developer
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