Tax-free accounts
RRIF Minimum Withdrawals in Canada
You must convert your RRSP by the end of the year you turn 71, and a RRIF then requires a minimum withdrawal every year. The CRA percentages by age, with examples on $100,000 and $500,000.
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 usual options are a RRIF, an annuity, or withdrawing the money as taxable income.
Minimum withdrawals start the year after the RRIF is opened, so the first required payment is usually in the year you turn 72 if you convert at 71.
Put it into practiceRRSP limit and deadline 2026What is the RRIF minimum withdrawal by age?
Each year’s minimum is the RRIF’s value on January 1 multiplied by a factor for your age. Under 71, the factor is 1 divided by (90 minus your age); from 71, the CRA publishes a chart.
| Age on January 1 | Minimum % | On $100,000 | On $500,000 |
|---|---|---|---|
| Top65 | 4.00% | $4,000 | $20,000 |
| 70 | 5.00% | $5,000 | $25,000 |
| 71 | 5.28% | $5,280 | $26,400 |
| 72 | 5.40% | $5,400 | $27,000 |
| 75 | 5.82% | $5,820 | $29,100 |
| 80 | 6.82% | $6,820 | $34,100 |
| 85 | 8.51% | $8,510 | $42,550 |
| 90 | 11.92% | $11,920 | $59,600 |
| 95 and over | 20.00% | $20,000 | $100,000 |
You can base the minimum on a younger spouse’s or common-law partner’s age, which lowers it. The table uses the CRA factors for most RRIFs.
Are RRIF withdrawals taxed?
Yes. Every withdrawal is taxable income in the year you take it. No tax is withheld at source on the minimum amount, but tax is withheld on amounts above the minimum.
If no tax is withheld, you may owe tax when you file, or be asked to pay instalments. Some people ask their institution to withhold tax on the minimum voluntarily.
Can I withdraw more than the minimum?
Yes, there is no maximum on a RRIF. Larger withdrawals are taxed at your marginal rate and can affect income-tested benefits such as Old Age Security.
What can a RRIF hold?
The same investments as an RRSP: savings, GICs, bonds, stocks, ETFs and mutual funds. Keep enough in cash or short-term GICs to cover the next year or two of withdrawals.
Keep reading
Tax-free accountsRRSP Contribution Limit and Deadline 2026The 2026 RRSP limit is 18% of your 2025 earned income, up to $33,810. The deadline to contribute for the 2026 tax year is March 1, 2027.- Tax-free accountsTFSA vs RRSP: Which Is Better?When a TFSA beats an RRSP and vice versa, by income level, with the 2026 limits and the rules that decide it.
TaxesCanadian Income Tax Brackets 2026The 2026 federal income tax brackets (14% up to $58,523, rising to 33% over $258,482), every province’s rates, the $16,452 basic personal amount, and how much federal tax you pay at common incomes.- Tax-free accountsHow a Spousal RRSP Works in CanadaA spousal RRSP lets the higher earner contribute to an RRSP owned by their spouse or common-law partner, take the deduction, and split retirement income. The contribution room rules and the 3-year withdrawal rule.
Official sources and further reading
- CRA: chart of prescribed RRIF factors ↗
- CRA: RRSPs and other registered plans for retirement (T4040) ↗
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