RRIF Withdrawal Calculator
Work out your RRIF minimum withdrawal by age, project your balance year by year and see the tax withheld on RRIF and RRSP withdrawals, in Canadian dollars.
Reviewed by Dany, RightSums team · Updated
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personal-finance · Daily life · Canada
Enter your RRIF balance on 1 January, your age and an expected growth rate. The calculator applies the CRA minimum: 1 divided by (90 minus your age) up to 70, then the prescribed factors from 5.28% at 71 to 20% at 95 and over. You can base it on a younger spouse's age, add a planned withdrawal and see the balance, minimum and tax withheld each year. Amounts above the minimum have tax withheld at the CRA lump-sum rates of 10%, 20% or 30% (5%, 10% or 15% federal in Quebec). A second mode shows the tax withheld on an RRSP withdrawal and estimates the tax you will really owe on it. It is an estimate: the CRA decides your actual tax.
Accepted inputs
- RRIF balance on 1 January
- Your age or your spouse's age
- Expected growth rate
- Planned yearly withdrawal
- Province
- RRSP withdrawal amount and other income
Outputs
- RRIF minimum withdrawal for the year
- Year-by-year balance projection
- Tax withheld on amounts above the minimum
- RRSP withdrawal withholding tax and amount received
- Estimated income tax on an RRSP withdrawal
How to use the RRIF Withdrawal Calculator
- Enter your RRIF balance on 1 January and your age, or your spouse's age if you chose that when the RRIF was set up.
- Add an expected growth rate, any planned withdrawal above the minimum and how many years to show.
- The calculator multiplies each year's opening balance by the CRA factor for that age and applies the lump-sum withholding rates to anything above the minimum.
- Switch to the RRSP mode to see the tax withheld on a lump-sum withdrawal and the income tax you may really owe on it.
Frequently asked questions
What is the RRIF minimum withdrawal at 71?
The CRA factor at 71 is 5.28% of your balance on 1 January. On a $300,000 RRIF that is $15,840 for the year, or $1,320 a month. The factor rises each year: 5.82% at 75, 6.82% at 80, 11.92% at 90 and 20% from 95.
How is the RRIF minimum worked out before age 71?
Up to 70 the factor is 1 divided by (90 minus your age on 1 January). At 65 that is 1/25, or 4%, so a $300,000 RRIF must pay at least $12,000. At 70 it is 5%. There is no minimum in the year the RRIF is set up.
Can I use my spouse's age for RRIF withdrawals?
Yes, if you chose it when the RRIF was set up, before any payment. A younger spouse means a lower minimum. On $500,000 at 72 the minimum is $27,000, but using a 68-year-old spouse's age it is $22,727.27, a factor of 1/22.
How much tax is withheld on a RRIF or RRSP withdrawal?
No tax is withheld on the RRIF minimum. Anything above it, and any RRSP withdrawal, has 10% withheld up to $5,000, 20% up to $15,000 and 30% above. A $10,000 RRSP withdrawal outside Quebec loses $2,000, so you receive $8,000. In Quebec the federal rates are 5%, 10% and 15%, plus Quebec tax.
Will I owe more tax on an RRSP withdrawal at tax time?
Often, yes. Withholding is only a prepayment. Take $10,000 on top of a $60,000 salary in Ontario: $2,000 is withheld, but we estimate $2,965 of extra income tax, so about $965 more is due when you file. With no other income, far less tax may be due.
Sources
The rates and rules in this tool come from:
- Canada Revenue Agency: Minimum amount from a RRIF
- Canada Revenue Agency: Chart: prescribed factors for RRIF minimums
- Canada Revenue Agency: Tax rates on withdrawals
- Canada Revenue Agency: Canadian income tax rates for individuals, current and previous years
- Canada Revenue Agency: T4127 jan payroll deductions formulas computer programs
- Canada Revenue Agency: T4127 jul payroll deductions formulas
- Canada Revenue Agency: CPP contribution rates, maximums and exemptions
- Canada Revenue Agency: Second additional CPP (CPP2) contribution rates and maximums
- Canada Revenue Agency: EI premium rates and maximums
- Canada Revenue Agency: Adjustment personal income tax benefit amounts
- Canada Revenue Agency: Registered retirement income funds
- Canada Revenue Agency: Registered retirement savings plans registered retirement income funds rrsps rrifs
- Canada Revenue Agency: MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and YAMPE
- Canada Revenue Agency: Contributions affect your RRSP PRPP deduction limit
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