Canada RRIF Calculator
A Registered Retirement Income Fund (RRIF) is the mandatory conversion of your RRSP after age 71. Calculate the minimum required withdrawal each year.
About RRIF minimum withdrawals
A Registered Retirement Income Fund (RRIF) is the income-distribution vehicle your RRSP must convert into by December 31 of the year you turn 71. Each year after that, the CRA forces a minimum withdrawal that rises with age, taxed as ordinary income in the year received.
The schedule rate climbs steadily: 5.28% at age 71, 5.40% at 72, 5.53% at 73, scaling to 11.92% at age 90 and capping at 20% from age 95 onwards. These factors were last meaningfully updated by Finance Canada in 2015 (lowering them) and a one-time 25% reduction in 2020 to help retirees through the pandemic. For 2026, the standard schedule per Regulation 7308 applies in full. Unlike US RMDs (which use IRS Uniform Lifetime Table life-expectancy figures), Canada's RRIF rates are fixed by age alone and apply uniformly across all provinces including Quebec for federal purposes; only withholding rules differ provincially.
How it works
The required minimum is a flat percentage of the RRIF balance at the start of the calendar year, set by a CRA schedule that ramps from 5.28 percent at age 71 to 20 percent from age 95.
Minimum Withdrawal = Year-Start RRIF Value x CRA Schedule Percentage Below age 71: 1 / (90 - age) if RRIF was opened early
- Year-start value: market value of the RRIF on January 1.
- CRA schedule: fixed by Income Tax Act Regulation 7308. Same percentages everywhere in Canada including Quebec.
- Spousal election: at RRIF setup, you can elect to use a younger spouse's age. Irrevocable.
- Withholding: minimum amount has no withholding. Above-minimum withdrawals are withheld at 10 percent ($5,001 first), 20 percent ($5,001 to $15,000), 30 percent (above $15,000) federally; Quebec adds a parallel provincial withholding.
Worked example
A retiree turns 73 on March 12. RRIF balance on January 1 is $500,000. The CRA schedule for age 73 is 5.40 percent. Marginal tax 28 percent (federal + Ontario combined for this income level).
- Year-start RRIF value: $500,000.
- CRA percentage at age 73: 5.40 percent (Regulation 7308 schedule).
- Required minimum withdrawal: $500,000 x 0.0540 = $27,000.
- Withholding on minimum: $0 (no automatic federal withholding on the minimum).
- Income tax owed at 28 percent marginal: $27,000 x 0.28 = $7,560.
- Net after tax cash to retiree: $27,000 - $7,560 = $19,440.
- Optional extra: if the retiree pulls another $10,000 above minimum, withholding is 20 percent ($2,000), and full tax at 28 percent ($2,800) at year-end. Net $7,200 cash now, $200 reconciliation owing at filing.
CRA RRIF minimum schedule (Reg. 7308)
| Age at Jan 1 | Minimum percentage | On $500,000 balance |
|---|---|---|
| 71 | 5.28 percent | $26,400 |
| 72 | 5.40 percent | $27,000 |
| 75 | 5.82 percent | $29,100 |
| 80 | 6.82 percent | $34,100 |
| 85 | 8.51 percent | $42,550 |
| 90 | 11.92 percent | $59,600 |
| 94 | 18.79 percent | $93,950 |
| 95+ | 20.00 percent | $100,000 |
| 78 | 6.36 percent | $31,800 |
| 83 | 7.71 percent | $38,550 |
The schedule is set by Income Tax Regulation 7308 and applies federally. Quebec parallel rules use the same percentages. The minimum is rounded to the dollar by your RRIF carrier.
Common mistakes
- Waiting until December to withdraw. Market downturns in Q4 can leave you forced to liquidate at a low. Many retirees spread withdrawals monthly or quarterly to smooth.
- Not electing your younger spouse's age. If your spouse is 65 and you are 71, using their age cuts your first-year minimum from 5.28 to about 4.00 percent, deferring more growth.
- Confusing withholding with tax owed. Withholding is a deposit, not a final tax. You may owe more or be refunded at filing.
- Ignoring OAS clawback. RRIF withdrawals add to net income for the Old Age Security recovery tax. The 2026 OAS threshold is roughly $90,997; every dollar above is taxed an extra 15 percent.
- Skipping pension income splitting. Once aged 65 (RRIF withdrawals only count from age 65), you can split up to 50 percent with your spouse using form T1032, often saving $2,000 to $4,000 per year.
- Treating the minimum as advice. The CRA minimum is a tax floor, not an optimal income plan. Many advisors recommend withdrawing more in low-income years (pre-CPP/OAS) and exactly the minimum after to manage lifetime tax.
Related tools and glossary
Frequently asked questions
When must I convert RRSP to RRIF?
By December 31 of the year you turn 71. You can convert earlier at any age if you want predictable income from age 55 or 60, but you cannot delay past 71. The alternative on conversion is to buy a registered annuity or take a lump sum withdrawal (fully taxable).
Can I withdraw more than the RRIF minimum?
Yes. The minimum is the floor, not the cap. Excess withdrawals are still taxed as ordinary income at your marginal rate. There is no penalty for withdrawing more, but you cannot put the money back in. Many retirees take more in lower-income years to smooth lifetime tax.
Are RRIF withdrawals subject to withholding?
Only amounts above the minimum are subject to mandatory withholding (10 percent up to $5,000, 20 percent on $5,001 to $15,000, 30 percent above $15,000 federally; higher in Quebec). The minimum portion has no automatic withholding; you may need to remit tax via quarterly installments to avoid interest.
Can I base the minimum on my younger spouse's age?
Yes, and most retirees should. The election (made when you set up the RRIF and irrevocable) uses your spouse or common-law partner's age to compute the minimum, allowing more tax-deferred growth if they are younger. The decision must be made at RRIF setup; it cannot be changed later.
How does the OAS clawback interact with RRIF withdrawals?
RRIF withdrawals add to net income for the Old Age Security recovery tax (clawback). The 2026 threshold is roughly $90,997 net income; every dollar above triggers a 15% OAS clawback on top of marginal tax. A retiree pulling $60,000 from a RRIF on top of $15,000 CPP and $8,700 OAS effectively hits the threshold and starts losing OAS at 50% to 60% marginal cost (28% provincial + federal tax + 15% clawback + provincial surtaxes). Drawing down the RRIF early (between 65 and 71) before OAS kicks in fully can preserve the benefit.
Can I roll a RRIF back to an RRSP?
No. Once you convert RRSP funds to a RRIF, the conversion is one-way. You also cannot make new contributions to a RRIF (only your own RRSP could accept new room). If you converted too early and now want to defer income, you can still pause discretionary withdrawals above the minimum, but you cannot avoid the minimum itself. After age 71, the only way to stop RRIF withdrawals would be to buy a registered annuity with the balance, locking in income for life.
Sources
- CRA (2025) Chapter 4: Registered Retirement Income Fund (RRIF) - T4040.
- Income Tax Act Regulation 7308 Minimum amount in respect of a RRIF.
- Finance Canada (2024) Budget 2024: OAS Recovery Tax Threshold.
- CRA Form T1032 Joint Election to Split Pension Income.