RRIF Minimum Withdrawal Rates
As you grow older, the percentage that you must take out of your RRIF account (and claim as income) grows as well. The table below shows what percentage you are required to withdrawal each year - the amount will be based on the December 31st value of your account the year prior.
Example:
If you were 70 at the start of this year, and your RRIF was worth $200,000 on December 31st last year, you will need to withdraw a minimum of $10,000 this year which will be added to your taxable income.
|
Your age at the beginning of the year (or your spouse's age if chosen at account opening) |
Annual Withdrawal Percentage* (Minimum Required) |
|
65 |
4.00% |
|
66 |
4.17% |
|
67 |
4.35% |
|
68 |
4.55% |
|
69 |
4.76% |
|
70 |
5.00% |
|
71 |
5.28% |
|
72 |
5.40% |
|
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 or older |
20.00% |
*for RRIF accounts opened pre-March 1986 or for Qualifying RRIFs, percentages will differ
The first mandatory RRIF withdrawal is during the year in which you turn 72. Prior to this, minimum withdrawals are only required if you’ve chosen to convert your RRSP to a RRIF early.