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Home  ->  Calculators  - >  RRSP/RRIF Calculator

RRSP/RRIF Withdrawal Calculator

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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:

bullet minimum withdrawals for your RRIF based on prescribed RRIF withdrawal factors, as specified by the Income Tax Act, once the RRSP is converted to a RRIF
bullet the fixed annual withdrawal amount that can be provided by your investments using a specified annual return
bullet the maximum annual withdrawals that can be made for your investments to last a specified number of years

Factors that you enter:

bullet current value of RRSPs or RRIFs
bullet estimated rate of return - you can calculator your actual rate of return for past years using our Investment Return Calculator.
bullet estimated inflation factor - the  historic annual increases (not average, but December to December) in the Consumer Price Index (Canada - all items) over the past several years are:
bullet2021  4.8%
bullet2020  0.7%
bullet2019  2.2%
bullet2018  2.0%
bullet2017  1.9%
bullet2016  1.5%
bullet2015  1.6%
bullet2014  1.5%
bullet2013  1.2%
bullet2012  0.8%
bullet2011  2.3%
bullet2010  2.4%
bullet2009  1.3%
bullet your age on the preceding Dec 31, or the age of a younger spouse at that time, if you have elected to use the spouse's age (see below).
bullet age at which you want to convert your RRSPs into a RRIF (maximum age 71), or the age of a younger spouse if you have elected to use the spouse's age.
bullet different rate of return for any year
bullet different withdrawal amount for any year, in the fixed annual withdrawal case
bullet number of years that you want the investment to last, in the maximum withdrawal case

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.

Using Age of Spouse to Calculate Minimum RRIF Withdrawals

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.

Investments in a Non-Registered Account

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.

Printing the Calculator Results

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.

Check out our other calculators.

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Revised: October 26, 2023


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