RRIF Minimum Withdrawal Calculator
CRA requires a minimum withdrawal from your RRIF every year after the year it’s opened. This calculator applies the prescribed factor for your age — or your spouse’s, if you elected their age — to your January 1 balance.
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How the minimum is set
Before age 71, the minimum is your balance divided by (90 minus your age). From 71 on, CRA publishes prescribed factors that rise each year, reaching 20% at age 95 and beyond. The balance used is the RRIF’s value on January 1 of the year.
The spouse age election
When you open a RRIF you can elect to base the minimum on a younger spouse or common-law partner’s age. A lower age means a lower factor, so less is forced out each year and more stays tax-sheltered. The election is made when the RRIF is set up and generally can’t be changed afterward, so it’s worth deciding deliberately.
Frequently asked questions
How is the RRIF minimum withdrawal calculated?
The minimum is your RRIF balance on January 1 multiplied by a prescribed percentage factor for your age. Below age 71 the factor is 1 ÷ (90 − your age). From 71 onward, CRA sets the factors in a published table: about 5.28% at 71, climbing each year, capped at 20% at age 95 and beyond. See CRA: Prescribed factors.
Do I have to take the minimum the year I open the RRIF?
No. There's no required minimum in the year you open a RRIF, only starting the year after. So if you convert your RRSP to a RRIF in the year you turn 71, your first required minimum withdrawal is in the year you turn 72. You can voluntarily take income in the year of conversion if you want to.
What happens if I withdraw less than the minimum?
Your financial institution is required to pay you at least the minimum each year, so this generally can't happen by accident — they'll send the minimum even if you didn't request it. If you try to skip it, they'll process the minimum withdrawal anyway because the rule binds the issuer, not just you.
Can I take more than the minimum?
Yes — there's no maximum on a RRIF. You can withdraw as much as you want, in lump sums or monthly. Any amount above the minimum is subject to withholding tax at source (10% on amounts up to $5,000, 20% up to $15,000, and 30% above), credited back at tax time. (A LIF, which holds locked-in pension money, does have a maximum.)
How does the younger-spouse age election work?
When you set up a RRIF, you can elect to base the minimum on your spouse's age instead of your own. If your spouse is younger, the prescribed factor is lower, so your required minimum is smaller — useful if you want to keep more money tax-sheltered. The election must be made when the RRIF is opened and cannot be changed later, so think it through carefully.
Is the minimum subject to withholding tax?
No — the required minimum itself is not subject to withholding tax at source. Anything you take ABOVE the minimum is, at the rates above. The minimum is still fully taxable income that you report on your return; it just isn’t withheld upfront. Many retirees deliberately request voluntary withholding to avoid a surprise tax bill in April. See CRA: Receiving income from a RRIF.
Can I take RRIF income monthly instead of annually?
Yes — RRIF payments can be set up monthly, quarterly, semi-annually, or annually. The total over the year still has to be at least the minimum, but the payment schedule is up to you. Monthly is the most common setup; annual single payments are usually only used when the retiree wants the institution's flexibility to invest the full balance for as long as possible.
What if I have a LIF in addition to a RRIF?
The LIF minimum uses the SAME prescribed factors as a RRIF and works identically (you can also elect spouse's age). The difference is that a LIF has a maximum on top of the minimum, set by your provincial or federal pension legislation. This calculator handles RRIF minimums; for the LIF maximum, see your LIF provider or pension regulator — we haven't yet verified those factor tables across all jurisdictions.