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Registered Retirement Income Fund (RRIF)
A Registered Retirement Income Fund (RRIF) converts your retirement savings account into a steady source of retirement income while the savings and investments held within your RRIF continue to grow tax-free. It's available to any Canadian resident with a Registered Retirement Savings Plan (RRSP) which must be converted to a source of retirement income by December 31st in the year they turn 71.
Review the table below to determine the minimum RRIF withdrawal rates for different ages between 55-99.
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Ages 55 – 59
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Ages 60 – 69
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Ages 70 – 79
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Ages 80 – 89
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Ages 90 – 99
Frequently asked questions
Once you convert your RRSP into a Registered Retirement Income Fund (RRIF), you must withdraw a minimum amount each year, starting the year after it’s opened. This amount is based on your age (or your spouse’s/common-law partner’s age if the open account is selected before the first RRIF payment is made) and the fair market value of the property held in the RRIF as of January 1st. While you're allowed to withdraw more than the minimum, you cannot withdraw less.
You need to make the annual minimum payment withdrawal from your RRIF even if you don’t need the money. If you have TFSA contribution room remaining, you can invest any funds you don’t need in a TFSA where it can continue to grow tax-free.
Please note that the below are estimated rates only. If you're withdrawing only the minimum amount, no tax is withheld at source.
The following estimated withholding tax rates apply to lump-sum withdrawals:
% Federal Tax Withheld |
||
Withdrawal Amount |
Provinces/ Territories except Quebec |
Quebec |
From $0 - $5000 |
10% |
5% |
From $5,001 - $15,000 |
20% |
10% |
Greater than $15,000 |
30% |
15% |
For Quebec there is an additional 14% withholding tax. Please note that withholding taxes are only estimates of what you will owe in taxes. Actual taxes payable will be dependent on your individual tax situation calculated on your tax return.
Any amount you withdraw from your Registered Retirement Income Fund (RRIF) is considered taxable income and will be taxed in the year you take it out.
Each year, you're required to withdraw a minimum amount from your RRIF. The Canada Revenue Agency (CRA) sets a withdrawal factor (percentage) based on your age on January 1. These factors ensure your RRIF is gradually paid out over time.
Example:
- You're 73 years old.
- Your RRIF is worth $300,000 on January 1, 2025.
- The government factor for age 73 is 5.53%, as shown on the TD RRIF withdrawal table.
Calculation:
$300,000 × 5.53% = $16,590
That’s the minimum amount you must withdraw for the year. This means you could leave $283,410 in your RRIF to continue to grow tax deferred.
Note: Before your first RRIF payment is made, you can choose to use your spouse’s age if it gives you a lower minimum.
For more information, please visit the CRA website.
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