Question 1

What is the minimum RRIF withdrawal for 2025?

Accepted Answer

The minimum depends on your age (or your spouse's age if younger) and your RRIF balance on January 1. For example, at age 71 the minimum is 5.28% of your balance, at age 75 it's 5.82%, and at age 80 it's 6.82%. There is no maximum withdrawal. You can use your spouse's age to calculate the minimum, which reduces mandatory withdrawals.

Question 2

How does RRIF withholding tax work for Quebec residents?

Accepted Answer

Quebec residents face TWO withholding components on RRIF withdrawals above the minimum: a reduced federal portion (5% on the first $5,000 above minimum, 10% on $5,001 to $15,000, 15% on amounts over $15,000) AND a flat 14% Quebec provincial portion collected by Revenu Quebec. The combined rate is roughly equivalent to what residents of other provinces pay in federal-only withholding (10%/20%/30%). For a Quebec resident withdrawing $20,000 above the minimum, the federal withholding is $2,000 and the Quebec provincial withholding is $2,800, for a total of $4,800 (24%). Withholding is NOT your final tax. Your actual tax depends on your marginal rate when you file.

Question 3

Is the RRIF minimum subject to withholding?

Accepted Answer

No. Withdrawals at or below the annual RRIF minimum are NOT subject to withholding tax. However, the minimum amount IS still taxable as income when you file your annual return. Only the portion of a withdrawal ABOVE the annual minimum is subject to withholding (10%/20%/30% federal outside Quebec; 5%/10%/15% federal plus 14% provincial for Quebec residents).

Question 4

Can I delay my RRIF withdrawal?

Accepted Answer

You cannot avoid RRIF withdrawals once the account is open. Minimum withdrawals begin the year after you open the RRIF. However, you can delay converting your RRSP to a RRIF until December 31 of the year you turn 71, which postpones mandatory withdrawals as long as possible.

Question 5

Are RRIF withdrawals taxable?

Accepted Answer

Yes. RRIF withdrawals are fully taxable as income in the year you receive them. Your financial institution withholds tax on amounts above the annual minimum: 10% on excess up to $5,000, 20% on $5,001-$15,000, and 30% on amounts over $15,000 (rates differ in Quebec). No tax is withheld on the minimum amount, but you still owe tax on it when you file.

Question 6

What happens to my RRIF when I die?

Accepted Answer

If your spouse is the successor annuitant, the RRIF transfers to them tax-free and they continue the withdrawals. If your spouse is the sole beneficiary, the RRIF can be transferred to their own RRSP or RRIF. Otherwise, the full remaining value is included in your final tax return as income.

Question 7

Can I convert my RRIF back to an RRSP?

Accepted Answer

No. Once you convert an RRSP to a RRIF, the conversion is permanent. You cannot transfer RRIF funds back into an RRSP. This is why it's important to consider the timing of your conversion carefully, especially since you must convert by age 71.

RRIF Withdrawal Calculator

RRIF Details

Withdrawal Breakdown

Federal withholding rates (applied to amounts above the annual minimum)

CRA Minimum RRIF Withdrawal Rates (by age)

Important Notes

Tips & Strategies

💡 Use Your Spouse's Age

💰 Melt Down RRSP Before 71

🎯 Income Splitting with Spouse

📊 Withdraw More Than Minimum

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