RRIF payment calculator

RRIF Payment Calculator

A Registered Retirement Income Fund (RRIF) is a plan designed to provide Canadians with a constant income flow through retirement. The property under a RRIF is created from a transfer of funds from an RRSP or another RRIF. The funds in a RRIF are tax-deferred. Amounts paid out of a RRIF are taxable on receipt.

It is mandatory that you convert all your RRSPs by December 31st in the year you turn 71. The latest you are allowed to take your first payment is December 31st in the year you turn 72, however, the payment must be at least the full annual minimum* amount.

Tax law stipulates that a minimum payment must be withdrawn from your RRIF each year and reported as income. *This minimum annual payment is taken from a schedule that is based on your age or the age of your spouse if younger.

For more information, including the factors used, please consult the following link to Canada Revenue Agency's website: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-retirement-income-fund-rrif.html Use this calculator to find out how much you may withdraw from your RRIF each year.

Servus Credit Union
151 Karl Clark Road
Edmonton, AB

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

RRIF payment schedule*

Review the chart below to determine the minimum annual withdrawal percentage of your RRIF (will be based on current value of the plan).

Age Min withdrawal
60  3.33%
61  3.45%
62  3.57%
63  3.7%
64  3.85%
65  4%
66  4.17%
67  4.35%
68  4.55%
69  4.76%
70  5%
71  5.28%
72  5.4%
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+ 20%

Example: if your RRIF is valued at $700,000 when you're 70, your minimum annual payout will be $35,000 (5% of the value of the plan at the beginning of the year).

Try out the RRIF payment calculator.

* Different rules apply to RRIFs set up before 1993.

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