Use our RRIF
calculator to project your earnings and withdrawals from your
RRIF for the next 40 years. The RRIF
calculator will calculate
minimum withdrawals, fixed annual withdrawals adjusted for
inflation, or withdrawals using a fixed number of years.
If you haven't converted your RRSP to a RRIF yet, you can
use the RRSP/RRIF
calculator to project your earnings and
withdrawals over the next 40 years. This calculator
is more versatile than the RRIF calculator (and can also
be used if you have already converted to a RRIF), allowing
input of different rates of return and larger than the
minimum withdrawal in any year.
No tax is withheld when the minimum
amount is withdrawn from a RRIF - see our article on withholding
taxes on RRIF and RRSP withdrawals.
There is no maximum withdrawal for RRIFs, unless they are
locked-in, such as an LRIF or LIF. The RRIF
calculator will not calculate maximum withdrawals for
locked-in accounts. If you have a locked-in account, see the article "LIF
and LRIF minimum and maximum
withdrawals" for help
in determining your maximum withdrawal amount.
RRIF withdrawals can also be made by an "in
kind" withdrawal of investments.
For RRIF owners who turned 70 or 71 in 2007, see the article
about RRSP conversion to RRIF, regarding
the 2007 Federal Budget changes. This article also deals with what could
be done if the minimum withdrawal was made for 2007 under the old rules.
Note that there are attribution
rules regarding withdrawals from a spousal RRIF. When a spousal RRSP
is converted to a RRIF, it becomes a spousal RRIF.
The prescribed factor depends upon when the RRIF was
For a RRIF started after 1992, the prescribed
factor is 1/(90-age), but only while the annuitant (owner) is under 71 years
old. Age is the age of the annuitant at the beginning of the year.
Thus, if the annuitant is 70 years old at the beginning of the year, the
factor is 1/(90-70) = 1/20 = .05.
For example, if the fair market value of the holdings in the RRIF were
$100,000 at the beginning of the year and the annuitant was 75 years old at
the beginning of the year, then
the minimum withdrawal for that year would be $100,000 x .0785 = $7,850.
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 a qualifying RRIF is
1/(90-age) while the annuitant (owner) of the RRIF is under 79 years
old. Thus, if the annuitant is 72 years old at the beginning of the
year, the factor is 1/(90-72) =
1/18 = .0556.