RRIF/LIF/LRIF Calculator
Calculate required minimum withdrawals for your RRIF, or understand LIF/LRIF withdrawal limits. Plan your retirement income strategy with current CRA rates.
tl;dr
Once your RRSP becomes a RRIF, you have to withdraw at least a minimum every year: a percentage of the balance at the start of the year that rises as you age. You can base it on a younger spouse's age to take out less. RRIFs have no maximum, but LIFs and LRIFs, which hold locked-in pension money, also cap each year's withdrawal under the pension rules that govern them. Every withdrawal is taxable income.
Annual Withdrawals
RRIF • Minimum withdrawals • 5% return
RRIF Settings
CRA required minimums only
Total Withdrawn
$723,477
inflation-adjusted
Years of Income
25 years
from age 71
At Conversion
$638,141
age 71 portfolio
Pension Credit
Eligible
age 65+ withdrawals
Year-by-Year Breakdown
Annual withdrawals, portfolio values, and CRA minimums
Important Notes
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Why RRIF Minimums Matter
Every dollar that comes out of a RRIF is taxable income, and the minimum you must withdraw grows every year. Those forced withdrawals can push you into a higher bracket and trigger the OAS clawback — and a large balance left at death is taxed on your final return unless it passes to a spouse. Knowing the schedule lets you decide whether to withdraw more earlier, convert sooner, or draw on other accounts first.
How the Minimum Is Calculated
The minimum is a percentage of your RRIF's value at the start of each year.
- 1. Take the RRIF's market value on January 1.
- 2. Find the prescribed factor for your age at the start of the year — or your spouse's, if you elected it. Before 71 the factor is 1 ÷ (90 − age); from 71 it follows the table below.
- 3. Multiply the value by the factor: that's the least you must withdraw that year.
- 4. LIFs and LRIFs also have an annual maximum, set by pension legislation.
RRIF Minimum Withdrawal Factors
| Age | Minimum | Age | Minimum |
|---|---|---|---|
| 65 | 4.00% | 81 | 7.08% |
| 66 | 4.17% | 82 | 7.38% |
| 67 | 4.35% | 83 | 7.71% |
| 68 | 4.55% | 84 | 8.08% |
| 69 | 4.76% | 85 | 8.51% |
| 70 | 5.00% | 86 | 8.99% |
| 71 | 5.28% | 87 | 9.55% |
| 72 | 5.40% | 88 | 10.21% |
| 73 | 5.53% | 89 | 10.99% |
| 74 | 5.67% | 90 | 11.92% |
| 75 | 5.82% | 91 | 13.06% |
| 76 | 5.98% | 92 | 14.49% |
| 77 | 6.17% | 93 | 16.34% |
| 78 | 6.36% | 94 | 18.79% |
| 79 | 6.58% | 95 | 20.00% |
| 80 | 6.82% |
Age at the start of the year. The last factor applies at every later age. Ages before those shown use 1 ÷ (90 − age).
Common Questions
When do I have to convert my RRSP to a RRIF?
By December 31 of the year you turn 71. You can convert earlier; the first minimum withdrawal is due in the year after the RRIF is opened.
How is the RRIF minimum withdrawal calculated?
Multiply the RRIF's value on January 1 by the prescribed factor for your age at the start of the year — 5.28% at 71, rising every year after. Before 71, the factor is 1 ÷ (90 − your age).
Can I base the minimum on my spouse's age?
Yes. If your spouse is younger, you can base the minimum on their age so you withdraw less. You have to choose this before your first withdrawal, and you can't change it later.
Is there a maximum RRIF withdrawal?
No — you can withdraw any amount from a RRIF, and all of it is taxable income. LIFs and LRIFs, which hold locked-in pension money, do have annual maximums set by pension legislation.
Is tax withheld on RRIF withdrawals?
Not on the minimum. Anything above the minimum has tax withheld at source, at a rate that rises with the size of the withdrawal. The final tax is settled on your return.
Planning Your Withdrawals
- ✓If your spouse is younger, elect to use their age before your first withdrawal to keep the minimums lower.
- ✓Consider withdrawing more than the minimum in low-income years to even out your tax across retirement.
- ✓Keep an eye on the OAS clawback threshold when you plan each year's withdrawals.
- ✓Name your spouse as successor annuitant so the RRIF can pass to them without tax at your death.
- ✓Check how long your savings last with the Canadian retirement calculator.