A registered retirement income fund (RRIF) is an account registered with the federal government. You can convert your RRSP to a RRIF any time, as long as you do so by December 31 of the year you turn 71.
RRIF withdrawal rules
In the calendar year after you open a RRIF, you have to start withdrawing money from it. The minimum amount is based on your age and a percentage of the value of your RRIF on January1.
RRIF minimum withdrawal chart
| Age | RRIF Factors |
|---|---|
| 55 | 2.86% |
| 56 | 2.94% |
| 57 | 3.03% |
| 58 | 3.13% |
| 59 | 3.23% |
| 60 | 3.33% |
| 61 | 3.45% |
| 62 | 3.57% |
| 63 | 3.70% |
| 64 | 3.85% |
| Age | RRIF Factors |
|---|---|
| 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% |
| Age | RRIF Factors |
|---|---|
| 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% |
| Age | RRIF Factors |
|---|---|
| 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+ | 20.00% |
See Also
RRSP Tips for 60sDo you have questions about your RRIF?
For more information please contact your MD Advisor.*
