Before age 71
For an annuitant under 71, the factor equals 1 divided by (90 minus age). For example, at age 65: 1 / (90 − 65) = 4%.
Retirement · Canada
RRIF Minimum Withdrawal Calculator
Estimate the minimum required withdrawal from your Registered Retirement Income Fund (RRIF) for the year, and project how your balance evolves until it's depleted.
Quick Answer
Minimum withdrawal factor at age 71
Factor at age 71
5.28%
The RRIF minimum withdrawal is calculated by multiplying your balance as of December 31 of the previous year by a factor that increases with age. No minimum withdrawal is required in the year your RRSP is converted to a RRIF.
If you convert your RRSP to a RRIF this year, no minimum withdrawal is required until the following year.
Enter your balance and age to see your required minimum withdrawal.
Minimum withdrawal factor schedule
The applicable factor depends on the annuitant's age (or the spouse's age, if that election was made at conversion) as of January 1 each year. Under age 71, the factor is calculated as 1 / (90 − age).
| Age | Minimum withdrawal factor |
|---|---|
| 71 | 5.28% |
| 72 | 5.40% |
| 73 | 5.53% |
| 74 | 5.67% |
| 75 | 5.82% |
| 76 | 5.98% |
| 77 | 6.17% |
| 78 | 6.36% |
| 79 | 6.58% |
| 80 | 6.82% |
| 81 | 7.08% |
| 82 | 7.38% |
| 83 | 7.71% |
| 84 | 8.08% |
| 85 | 8.51% |
| 86 | 8.99% |
| 87 | 9.55% |
| 88 | 10.21% |
| 89 | 10.99% |
| 90 | 11.92% |
| 91 | 13.06% |
| 92 | 14.49% |
| 93 | 16.34% |
| 94 | 18.79% |
| 95 and older | 20.00% |
Factors prescribed under the Income Tax Regulations, unchanged since 1992 (not indexed).
How is the minimum withdrawal calculated?
The required minimum withdrawal is your RRIF balance as of December 31 of the previous year, multiplied by an age-based factor.
Using your spouse's age
You can base the withdrawal factor on your spouse's age (often younger), which lowers the required minimum withdrawal and can be tax-advantageous. This election must be made when converting the RRSP to a RRIF and is irrevocable.
Rules to know
An RRSP must be converted to a RRIF (or an annuity) by December 31 of the year the holder turns 71.
Unlike an RRSP, a RRIF has no maximum withdrawal — you can withdraw as much as you like, on top of the minimum.
Withholding tax applies to any withdrawal amount above the required minimum.
No withholding tax is deducted on the minimum withdrawal itself, but the amount is still taxable and must be reported.
Important points
The minimum withdrawal must be made every year following conversion, regardless of actual income needs. Many issuers allow withdrawals to be spread across the year (monthly, quarterly) rather than as a single payment.
This tool provides an estimate for educational purposes only and does not constitute personalized tax or financial advice.
Frequently asked questions
What is a RRIF?
A Registered Retirement Income Fund (RRIF) is the account RRSP savings are transferred into to start generating retirement income. Unlike an RRSP, annual minimum withdrawals are mandatory.
When do I need to convert my RRSP to a RRIF?
Conversion must happen by December 31 of the year you turn 71, but you can convert earlier if you need retirement income sooner.
Can I use my spouse's age to lower my minimum withdrawal?
Yes, this election can be made when converting your RRSP to a RRIF. If your spouse is younger, it lowers the applicable minimum withdrawal factor. The election is irrevocable once made.
Are RRIF withdrawals taxable?
Yes, all RRIF withdrawals, including the minimum amount, are fully taxable as income in the year they're received.
Do I need to make a minimum withdrawal in the year of conversion?
No. No minimum withdrawal is required in the year the RRSP is converted to a RRIF. The requirement starts the following year.
Sources
Official sources
The information and factors on this page come from the following official Canada Revenue Agency sources.