RRIF Withdrawal Calculator Canada
Once your RRSP becomes a RRIF, the CRA sets a minimum you must take out every year, and the percentage rises with age. This calculator applies the official RRIF minimum percentage table to your balance, adds any extra withdrawal you are planning, and shows what is left at year end after growth.
Minimum percentages are the CRA prescribed factors for a RRIF established after 1992. The minimum is based on your age (or, if elected at setup, your spouse’s age) and the January 1 balance. Withdrawals are taxed as income; withholding applies to amounts above the minimum.
How it works
You must convert your RRSP to a RRIF, or cash it out, by the end of the year you turn 71, and withdrawals start the following year. The CRA formula is simple: your January 1 RRIF balance multiplied by the prescribed percentage for your age. At 75 that factor is 5.82%, so a $500,000 RRIF must pay out at least $29,100 that year.
There is no maximum withdrawal. Amounts above the minimum have withholding tax taken at source, 10% up to $5,000, 20% up to $15,000 and 30% above that in most provinces, as a prepayment toward the tax you will owe when you file. Planning the timing of extra withdrawals around your tax brackets is where most RRIF tax savings are found.
Worked example
The calculator’s own output for a $500,000 RRIF at age 75, taking only the minimum, with 4% growth on the remaining balance:
| Item | Amount |
|---|---|
| RRIF balance, January 1 | $500,000.00 |
| Age | 75 |
| CRA minimum percentage | 5.82% |
| Minimum withdrawal | $29,100.00 |
| Equivalent monthly amount | $2,425.00 |
| Balance at year end (4% growth, minimum only) | $489,736.00 |
Frequently asked questions
What is the RRIF minimum at each age?
The CRA table starts at 5.28% at age 71 and rises every year: 5.82% at 75, 6.82% at 80, 8.51% at 85, 11.92% at 90, and 20% at 95 and older. Below 71 the formula is 1 divided by (90 minus your age).
Do I pay withholding tax on the RRIF minimum?
No. Withholding applies only to the part of a withdrawal that exceeds the year’s minimum. The full amount, minimum included, is still taxed as income when you file your return.
Can I use my younger spouse’s age?
Yes, if you elected that when the RRIF was set up. Using a younger spouse’s age lowers the prescribed percentage and the forced minimum, which can keep more money sheltered longer.
What happens to my RRIF when I die?
It is generally deemed cashed out at fair market value on your final return, unless it rolls to a spouse or common-law partner (or certain dependent children or grandchildren), in which case the tax can be deferred.
Should I withdraw more than the minimum?
Sometimes. Deliberately withdrawing extra in low-income years, for example between retirement and the start of CPP and OAS, can fill low tax brackets and reduce the tax on larger forced withdrawals later.
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For education only. This calculator gives estimates, not financial, tax or legal advice. Figures use 2026 rates where a rate is built in; confirm your own numbers before making a decision.
