The calculator also waives the minimum withdrawal in 2008 for
taxpayers who turned 70 in 2007.
If you turned 70 in 2007, and are using the age of
a spouse or common-law partner to determine the prescribed factor for your
minimum withdrawals, you will have to use the RRIF calculator in 2 stages if you
want to take advantage of the minimum withdrawal being waived in 2008.
First, input your age and other information, with
2008 as the current year, and
Calculate.
Use the calculated ending
balance from 2008 as the beginning balance for the next calculation.
Change the current year to 2009.
Input your spouse's age at Dec 31, 2008, and
Calculate
If you have not yet converted your RRSP to a RRIF, see the RRSP/RRIF
calculator, which can only be used for RRIFs which were set up after
1992. The RRSP/RRIF calculator allows input of many more variables, such
as different rates of return or withdrawals in any particular year. It
will also waive the minimum withdrawal in 2008 for RRIF owners who turned 70 in 2007.
The information on this site is not intended to be a
substitute for professional advice. Each person's situation differs, and
a professional advisor can assist you in using the information on this web
site to your best advantage.
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Please see our legal
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