RRIF Minimum Withdrawal Calculator
See the minimum you must withdraw from a RRIF each year.
Why this is worth checking
An RRSP has to be converted by the end of the year you turn 71, usually into a RRIF, and from then on a minimum percentage must be withdrawn every year. The percentage is set by the CRA, rises with age, and is applied to the account value on January 1.
There is no maximum. The minimum is the floor, and withdrawing more is allowed and sometimes sensible.
How this calculator works
Enter your age and the January 1 balance. The calculator applies the CRA’s prescribed factor for that age.
You can elect to use a younger spouse’s age to lower the minimum, which is worth knowing if you do not need the income. Withholding tax does not apply to the minimum itself, but does to anything above it.
Related
This calculator is for general information, not tax or financial advice. Rates and limits change. Verify anything that matters against the CRA or a qualified professional before acting on it.