About the Canada RRIF Minimum Withdrawal Calculator
This RRIF calculator works out the minimum amount you must withdraw from a Registered Retirement Income Fund this year, using the prescribed factors set by the Canada Revenue Agency. Enter the fair market value of the RRIF on January 1 and your age at the start of the year — or your spouse’s or common-law partner’s age, if you elected to base the minimum on the younger age.
It is meant for retirees converting an RRSP to a RRIF (which must happen by the end of the year you turn 71), people planning withdrawals above the minimum, and anyone checking the figures on their RRIF statement. If you plan to take more than the minimum, the calculator estimates the withholding tax your financial institution will deduct from the excess, and projects the minimum for future years at an assumed rate of return.
Factors: under age 71 the minimum is 1 ÷ (90 − age); from 71 the CRA table applies, rising from 5.28% to 20% at 95 and older. No minimum is required in the calendar year the RRIF is set up. Withholding uses the federal lump-sum rates (10%, 20%, 30%, or 5%, 10%, 15% in Quebec, where Quebec income tax is also withheld) on the amount above the minimum; the minimum itself has no mandatory withholding. Withholding is a prepayment — your actual tax depends on your total income.
With the default inputs, the minimum withdrawal this year is $21,600.00. Change any value above to recalculate instantly.
How to use the canada rrif minimum withdrawal calculator
- 1Enter the RRIF value from your January 1 statement.
- 2Enter your age at the start of the year, or your spouse’s if the RRIF uses their age.
- 3Enter the total you plan to withdraw this year (or 0 for the minimum only).
- 4Choose your province so the right withholding rates are used.
- 5Review the projection to see how the minimum percentage rises with age.
Formula and method
The minimum is the fair market value of the RRIF at the start of the year multiplied by the prescribed factor for your age on January 1 (or your spouse’s age, if you made that election). Below 71 the factor is 1 ÷ (90 − age); from 71 to 94 it comes from the CRA table, and from 95 it is 20%.
Withdrawals above the minimum are treated like lump sums for withholding: the financial institution withholds a flat 10% on an excess up to $5,000, 20% on $5,000.01–$15,000 and 30% above $15,000 (5%, 10% and 15% federally in Quebec). The projection subtracts each year’s minimum and grows the rest at your assumed return.
- FMV
- Fair market value of the RRIF on January 1
- age
- Age at the start of the year (yours or your younger spouse’s)
Worked examples
$400,000 RRIF at 72, withdrawing $30,000
At 72 the factor is 5.40%, so the minimum is $400,000 × 0.054 = $21,600. Withdrawing $30,000 leaves an $8,400 excess, which falls in the $5,000–$15,000 band and attracts 20% withholding ($1,680). You receive $28,320.
Opening at 65 and taking only the minimum
Below 71 the factor is 1 ÷ (90 − 65) = 4%, so the minimum on $250,000 is $10,000 a year (about $833 a month). There is no mandatory withholding on the minimum.
Quebec resident at 80 taking $40,000 from $300,000
The factor at 80 is 6.82%, giving a $20,460 minimum. The $19,540 excess is over $15,000, so the federal rate for Quebec residents is 15% ($2,931); Quebec tax is withheld separately.
Frequently asked questions
What is the RRIF minimum withdrawal at age 71?+
The prescribed factor at 71 is 5.28% of the RRIF value on January 1. It rises every year: 5.40% at 72, 5.82% at 75, 6.82% at 80, 8.51% at 85, 11.92% at 90 and 20% from age 95.
Is tax withheld on the RRIF minimum?+
No mandatory withholding applies to the minimum amount, although you can ask your institution to withhold voluntarily. The minimum is still taxable income, so retirees often request withholding to avoid a balance owing.
Can I use my spouse’s age for RRIF withdrawals?+
Yes. When you first set up the RRIF you can elect to base the minimum on your spouse’s or common-law partner’s age. If they are younger, the factor is lower and you can keep more money tax-sheltered for longer.
When do I have to convert my RRSP to a RRIF?+
By December 31 of the year you turn 71. You may convert earlier. No minimum withdrawal is required in the calendar year the RRIF is established; the first minimum is due the following year.
Does the withholding tax equal my actual tax?+
Not necessarily. Withholding is a prepayment. The full withdrawal is added to your income for the year, and your real tax depends on your marginal rate, credits and any pension income splitting.
Tax results are estimates based on published rules and simplified assumptions. They are not tax advice — check official guidance or a tax professional for your situation.