RRIF Calculator – Help Guide
A Registered Retirement Income Fund (RRIF) is what your RRSP typically converts to by December 31st of the year you turn 71. You must withdraw a minimum amount each year based on your age. This calculator helps you estimate those mandatory withdrawals and how long your savings will last.
How to Use This Tool
- 1
Enter your current age
Your minimum withdrawal percentage increases each year with age. Enter your age at the start of the year.
- 2
Enter your RRIF balance
Enter the total value of your RRIF account at the beginning of the year.
- 3
Enter expected rate of return
Enter the annual growth rate you expect on your RRIF investments.
- 4
Review minimum withdrawal amounts
The calculator shows your required minimum withdrawal for each year based on CRA prescribed factors.
Helpful Tips
- •You can use your spouse's age to calculate minimums if they are younger. This reduces mandatory withdrawals.
- •Withdrawals above the minimum are allowed at any time but are fully taxable.
- •RRIF withdrawals above $15,000 are subject to 30% withholding tax, which is reconciled at tax time.
- •Consider converting only part of your RRSP to a RRIF to manage your taxable income.
Frequently Asked Questions
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