Free Tool

RRIF Minimum Withdrawal Calculator

See your mandatory RRIF withdrawal schedule from age 72 to 95 — including the tax impact, balance remaining, and how using your spouse's younger age reduces your required withdrawals.

Your RRIF Details

Your Current Age

yrs

RRIF Balance

Est. Annual Return

Marginal Tax Rate

Spouse's Age (optional — uses lower rate if younger)

Year 1 Withdrawal

—

Total Withdrawals

—

Total Tax Estimated

—

Balance at Age 95

—

Your Personalized Insight

Enter your details above to generate your personalized RRIF withdrawal schedule.

RRIF Withdrawal Schedule

Age	Opening Balance	Factor	Min. Withdrawal	Spouse Factor	Spouse Withdrawal	Est. Tax	After-Tax	Closing Balance	Cumulative

Based on 2024 CRA RRIF minimum withdrawal factors. Tax estimates use your entered marginal rate applied to the full withdrawal — actual tax depends on your complete income picture. Not personalized financial advice.

How RRIF Minimum Withdrawals Work

Once you convert your RRSP to a RRIF, CRA requires a minimum withdrawal every year. The minimum is calculated as a percentage of your January 1st RRIF balance. That percentage increases with age — starting at 5.28% at age 71 and reaching 20% at age 95 and beyond.

There is no maximum on how much you can withdraw — only a minimum. All withdrawals are added to your taxable income for the year. This is why large RRIFs can generate significant tax bills in later retirement, particularly as mandatory withdrawals grow larger than what you actually need to live on.

Using Your Spouse's Age to Reduce Withdrawals

If your spouse or common-law partner is younger than you, you can elect at the time of RRIF conversion to base your minimum withdrawals on their age instead of yours. A younger age means a lower withdrawal factor, which means smaller mandatory withdrawals each year — leaving more money in the RRIF to continue growing tax-sheltered.

This election must be made at the time of conversion and cannot be changed later. Toggle "Use spouse's age" above to compare the two schedules side by side.

Frequently Asked Questions

When must I convert my RRSP to a RRIF?

By December 31 of the year you turn 71. You can convert earlier if you want to begin drawing income. The first mandatory withdrawal is required in the year after conversion.

Can I withdraw more than the minimum?

Yes. You can always withdraw more than the minimum — but never less. Any amount above the minimum is subject to withholding tax of 10% to 30% depending on the amount.

Does the RRIF minimum withdrawal affect OAS clawback?

Yes. RRIF withdrawals are taxable income and count toward the OAS recovery tax threshold of $90,997. As minimum withdrawals grow larger with age, they can push higher-income retirees into clawback territory.

What happens to my RRIF when I die?

With a named spousal beneficiary, the RRIF rolls over tax-free to your spouse's RRIF. Without a spousal rollover, the full fair market value is included in your income on your terminal tax return.

Is there a strategy to reduce the RRIF tax burden?

Yes. Converting your RRSP to a RRIF before age 71 and taking voluntary withdrawals at lower tax rates — sometimes called an RRSP meltdown — reduces the future RRIF balance and therefore future mandatory withdrawals. Pension income splitting with a spouse and drawing from a TFSA strategically can also reduce taxable income.