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RRIF Withdrawal Calculator

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Minimum or Fixed Annual Withdrawal
Type amounts into yellow cells. Amounts are recalculated automatically when you hit enter, tab out of a cell, click elsewhere with the mouse, or click the Calculate button
Withdrawals are assumed to be made at the end of each year.
Balance in RRIF at beginning of year
Age at Dec 31 prior year end
Estimated rate of return
Current year
Check box if RRIF was set up prior to 1993
The minimum withdrawal will be used if the fixed annual amount and the inflation % are set to zero.
What amount would you like to withdraw annually?
What inflation amount would you like to apply to your annual withdrawal?
Minimum withdrawal will be used if it exceeds desired withdrawal.
Inflation factor will not affect minimum withdrawals

For locked-in RRIFs, maximum withdrawals are governed by federal or provincial legislation, and
are not part of these calculations.
Year Age prior
Dec 31
RRIF
factor
Return on
investments
Minimum
withdrawal
Actual
Withdrawal
Ending
balance
Maximum Withdrawal for X Years
Type amounts into yellow cells. Amounts are recalculated automatically when you hit enter, tab out of a cell, click elsewhere with the mouse, or click the Calculate button
Withdrawals are assumed to be made at the end of each year.
Balance in RRIF at beginning of year
Age at Dec 31 prior year end
Estimated rate of return
Current year
Check box if RRIF was set up prior to 1993
Show the maximum withdrawal for the money to last years
What inflation amount would you like to apply to your annual withdrawal?
Minimum withdrawal will be used if it exceeds desired withdrawal. This will reduce the # of years the money will last.
For locked-in RRIFs, maximum withdrawals are governed by federal or provincial legislation, and
are not part of these calculations.
Year Age prior
Dec 31
RRIF
factor
Return on
investments
Minimum
withdrawal
Actual
Withdrawal
Ending
balance
TaxTips.ca RRIF Withdrawal Calculator Help
The RRIF calculator has 2 different types of calculators which can be chosen by selecting the tab for:  
Minimum or Fixed Withdrawal
Max Withdrawal
  These 2 calculators are NOT linked to each other - what you input into one of them does not change the numbers in the other ones.
Income tax
RRIF withdrawals are taxable. The withdrawals shown are before-tax amounts.
Starting balance in RRIF
This should be the amount in the RRIF at December 31 of the prior year.
  The calculators assume that the first year is NOT the year the RRIF was set up. This way, the table can be used starting in any year of the RRIF except the setup year.
Year of setup
  If you are setting up your RRIF in the current year, use the calculation below to determine the amount to put into the RRIF calculator as the starting amount for the beginning of next year.
Input desired data, then press the Calculate button above.
Initial deposit
Start date (mm/dd/yy)
Expected rate of return
Withdrawal in current year - no withdrawal is necessary
Return on investment
Balance at end of year
Age
Age is the age of the annuitant (owner) of the RRIF at December 31 of the prior year.
Minimum annual withdrawals
  There is no withdrawal necessary in the year a RRIF (Registered Retirement Income Fund) is set up, but there are minimum amounts that must be withdrawn annually starting in the year after setup.  Unless certain types of annuities are held in the RRIF, the minimum withdrawal amount is calculated by multiplying the market value of the RRIF holdings at the beginning of the year by a "prescribed factor". Locked-in Retirement Accounts (LIRAs) are subject to the same minimum withdrawals as RRIFs. LIRAs are also subject to maximum allowable withdrawals, governed by either federal or provincial legislation.
  For a RRIF started in 1993 or later, the prescribed factor for minimum withdrawals is 1/(90-age), but only while the annuitant is under 71 years old.
  If the RRIF was started prior to 1993, then it is a "qualifying RRIF", as long as no new property was transferred into the RRIF after 1992, other than from another qualifying RRIF.  The prescribed factor for minimum withdrawals for a qualifying RRIF is 1/(90-age) while the annuitant (owner) of the RRIF is under 79 years old.
The check box should be ticked if the RRIF was started prior to 1993.
Estimated rate of return
  The estimated rate of return can be changed to show the effect on minimum withdrawals and how long the RRIF investment will last.
Fixed annual withdrawal
  A desired annual withdrawal amount can be entered, but if it is less than the minimum required withdrawal, the minimum required withdrawal will be used in the calculator.
Inflation rate
  An estimated inflation factor can be used, and the annual withdrawal will be increased by this factor each year. The inflation factor can also be set to zero if desired.
Maximum withdrawal for X years
  This calculator allows you to specify how many years you want your RRIF to last.It will calculate the maximum payment per year in order for your RRIF to last the specified number of years.
  If the period specified causes the payments to be lower than the minimum annual withdrawals, then the minimum annual withdrawals will be used.  This will reduce the number of years that the money will last.
  If your RRIF is locked-in, the maximum amount you may withdraw is governed by either federal or provincial legislation.  The maximum withdrawals in the calculator may exceed the maximums allowed by legislation.
 

 

 

 

Revised: May 03, 2014

 

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