RRIF Minimum Withdrawal Calculator

A Registered Retirement Income Fund (RRIF) is a registered account into which RRSP assets are converted. Federal rules require that a minimum percentage of the account’s January 1 balance be withdrawn each calendar year beginning in the year after the RRIF is opened. That percentage rises with age, from 5.28% at age 71 to 20% at age 95 and older. The calculator above projects the mandatory annual withdrawal and estimated account balance from your current age to age 95 under a flat annual return assumption.

How much must be withdrawn from a RRIF each year?

At age 72, the CRA-prescribed factor is 5.40%, meaning a RRIF valued at $350,000 on January 1 requires a minimum withdrawal of $18,900 that year. At age 80, the factor is 6.82%, producing a minimum of $23,870 on the same $350,000 balance. By age 85, the factor reaches 8.51%, and at age 95 it is fixed at 20%. A $200,000 RRIF at age 95 therefore requires a minimum withdrawal of $40,000 in that year regardless of other income sources.

How the minimum withdrawal is calculated

The minimum annual withdrawal equals the RRIF’s fair market value at January 1 of the calendar year multiplied by the prescribed factor for the account holder’s age at that date. The factor is found in Schedule III of the Income Tax Regulations for ages 71 and older. For ages under 71, the formula is 1 divided by (90 minus the holder’s age): a 65-year-old uses the factor 1/(90−65) = 4.00%.

Younger spouse election

An account holder may elect, at the time the RRIF is opened, to base annual minimum withdrawals on the age of a younger spouse or common-law partner. This election cannot be changed after the first payment is made. Using a younger partner’s age produces a smaller prescribed factor in early years, leaving more assets in the account to compound. The partner’s age on January 1 of each payment year governs the factor applied.

Withholding tax on RRIF withdrawals

All RRIF withdrawals are included in the recipient’s income in the year received and taxed at their marginal rate. The minimum required withdrawal is not subject to withholding at source. Amounts above the minimum are subject to federal withholding: 10% on amounts up to $5,000 above the minimum, 20% on amounts between $5,000 and $15,000 above, and 30% on amounts exceeding $15,000 above the minimum. Quebec applies a separate provincial withholding in addition to the federal rate.

Return rate assumption in projections

The projection applies a flat annual return to the balance remaining after each year’s minimum withdrawal. In practice, investment returns vary from year to year. A sequence of negative returns early in a RRIF’s life depletes the account faster than a flat-rate model suggests because mandatory withdrawals are calculated on the full January 1 balance regardless of recent performance. The projection is an estimate under idealized conditions, not a guarantee.

What the calculator does not model

• Voluntary withdrawals above the minimum
• The spousal RRSP attribution rules that may apply to withdrawals within three calendar years of a spousal contribution
• Provincial income tax rates, surtaxes (Ontario, Prince Edward Island), or provincial surtax thresholds
• OAS clawback (recovery tax), which begins at net income of $93,454 in 2026 at a rate of 15% per dollar over the threshold
• GIS entitlement, which is reduced by $1 for every $2 of RRIF withdrawal income

Verified against source

Prescribed factors for ages 71 and older: Schedule III of the Income Tax Regulations (C.R.C., c. 945). Pre-71 formula: Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), section 146.3(1), definition of “minimum amount.” General RRIF rules: ITA section 146.3. Withholding rates on excess RRIF amounts: CRA T4040, RRSPs and Other Registered Plans for Retirement, Chapter 7. CRA administrative guidance: Income Tax Folio S2-F3-C1.

RRIF prescribed withdrawal factors by age

Factors from Schedule III of the Income Tax Regulations (post-2015 table). Annual minimum on a $300,000 and $500,000 RRIF balance:

Worked example: Ontario resident, age 72, $400,000 RRIF

An Ontario resident turns 72 on January 1, 2026. The RRIF balance on that date is $400,000. The prescribed factor for age 72 is 5.40%, giving a required minimum withdrawal of $21,600. With no other employment income, and assuming CPP and OAS total roughly $24,000 per year, total income reaches approximately $45,600. At that income level in Ontario, the combined federal-provincial marginal rate on the RRIF portion is approximately 29.65%. Tax on the $21,600 withdrawal is approximately $6,404, leaving a net cash amount of $15,196.

If the remaining $378,400 earns 5% annually and the prescribed minimum is taken each year, the balance at age 80 is projected at approximately $337,000. By age 90, the accelerating minimum factors drive the balance down to approximately $182,000 even with continued growth. The chart above shows this trajectory interactively.

Rules and edge cases

RRSP conversion deadline: age 71

All RRSPs must be converted to a RRIF, an annuity, or a lump-sum withdrawal no later than December 31 of the year the holder turns 71. An account holder who turns 71 in 2026 must complete the conversion by December 31, 2026. The first minimum RRIF withdrawal is not required until December 31 of the following year, 2027, giving one year of continued tax-sheltered growth after conversion.

Death of the RRIF holder

When a RRIF holder dies, the fair market value of the account is included in their income in the year of death unless a qualifying beneficiary is named. A surviving spouse or common-law partner who is the named beneficiary or successor annuitant may transfer RRIF assets to their own RRSP or RRIF tax-deferred, provided they were not separated at the time of death. A financially dependent child or grandchild with a disability may transfer to a Registered Disability Savings Plan, subject to RDSP contribution limits.

Spousal RRSP attribution on RRIF withdrawals

When a spousal RRSP is converted to a RRIF, the attribution rules in ITA section 146(8.3) apply to the extent that withdrawals exceed the minimum in years when a contribution was made to any spousal RRSP in the current or either of the two preceding calendar years. The excess withdrawal is attributed back to the contributing spouse. Only the mandatory minimum escapes attribution automatically.

US citizens and cross-border RRIF holders

A US citizen or green card holder resident in Canada who holds a RRIF benefits from the Canada-US Tax Treaty (Article XVIII), which treats the RRIF as a pension plan. Withdrawals remain taxable in Canada, and a foreign tax credit generally offsets US tax. US persons must also comply with IRS reporting requirements for foreign retirement accounts. The treaty’s pension provisions are not automatically applied and must be claimed on the annual US tax return.