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This calculator uses the RRIF factors brought in by the Federal 2015 Budget. The new factors apply to all RRIFs, LIFs, and LRIFs, regardless of the year in which the plan was set up.
Do you want to retire early, using your RRSPs to provide your retirement income? Use this combined RRSP/RRIF withdrawal calculator to help determine the before-tax income that can be provided by your registered investments at different rates of return. This tool will calculate:
Factors that you enter:
The RRSP/RRIF Withdrawal Calculator does not consider taxes in the calculation. The amount of any withdrawals will be included in your taxable income when you file your tax return for the year. There may be withholding tax deducted from your RRIF withdrawals, depending on how much you withdraw. Minimum withdrawals are not subject to withholding tax, but will be included in your taxable income.
If you are 65 or older, your RRIF withdrawals will be eligible for the pension amount tax credit.
If you have a locked-in account such as a LIF or LRIF, see the article LIF and LRIF minimum and maximum withdrawals for help in determining your maximum withdrawal amount, which is not calculated by the RRSP/RRIF withdrawal calculator. Your LIF or LRIF withdrawals are eligible for the pension amount tax credit no matter what age you are.
See also our articles on conversion of RRSPs to RRIFs, and RRIF minimum annual withdrawals, on the RRSP/RRIF page.
Note that the annuitant can elect, prior to receiving any payments under the fund, to use the age of their spouse or common-law partner in calculating the prescribed factor for the RRIF.
If you want to reflect this in the RRSP/RRIF Withdrawal calculator, use the age of your spouse for all input. For instance, if you were 65 on the prior Dec 31st and your spouse was 60, enter 60 as the age at Dec 31 prior year end. If you wish to convert to a RRIF at age 71, use 66 as the age for converting to a RRIF in the calculator.
If you want to apply inflation and see how long your investments will last, try the RRSP/RRIF calculator, even if your investments are in a non-registered account. You can avoid the minimum annual withdrawals by entering a very low age instead of your actual age. Using the Max Withdrawal page, you can determine the maximum amount of withdrawal each year for your funds to last for a defined # of years, including or excluding an inflation factor. Using the Fixed Withdrawal page, you can see how long your investments will last for a specified annual withdrawal amount, including or excluding an inflation factor.
Tax Tip: Convert some of your RRSP to a RRIF at age 65 in order to take advantage of the pension income tax credit and pension income splitting with your spouse.
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Revised: July 31, 2023
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