A RRIF statement shows what your retirement income fund holds, what’s been paid out this year, and the minimum you must receive. This page explains each part of the statement and the T4RIF slip that goes with it. It’s part of the RRSP hub; the RRSP statement guide covers the account most RRIFs start as, and the RRIF calculator projects withdrawals.
The main figures
| Figure | What it shows |
|---|---|
| Market value | What the fund’s investments and cash are worth at the statement date |
| Value on January 1 | The value this year’s minimum is calculated from |
| Minimum amount for the year | What must be paid to you by December 31 |
| Payments to date | What you’ve received so far this year, and how much of it is above the minimum |
| Tax withheld | Tax deducted from payments above the minimum |
| Holdings and transactions | Each investment, and purchases, sales, income and payments |
| Successor annuitant or beneficiary | Shown on some statements; worth confirming it’s current |
How the minimum is set
The minimum is the fund’s value on January 1 multiplied by a prescribed factor for your age at the start of the year, or your spouse’s or common-law partner’s age if you chose that when you set up the RRIF (a younger spouse’s age gives a lower minimum). There’s no minimum in the year the RRIF is set up, and no maximum. The factors from age 65:
| Age | Prescribed Factor (All Other RRIFs) | On $300,000 |
|---|---|---|
| 65 | 4.00% | $12,000 |
| 70 | 5.00% | $15,000 |
| 71 | 5.28% | $15,840 |
| 72 | 5.40% | $16,200 |
| 75 | 5.82% | $17,460 |
| 80 | 6.82% | $20,460 |
| 85 | 8.51% | $25,530 |
| 90 | 11.92% | $35,760 |
| 95 or older | 20.00% | $60,000 |
For age 70 or younger: 1 / (90 - age). Source: Canada Revenue Agency – Chart: Prescribed factors. The factor for all other RRIFs applies to virtually every RRIF opened after 1992. Separate factors for qualifying RRIFs (ages 71 to 78) apply only to RRIFs that were qualifying RRIFs at the end of 1992, and the pre-March 1986 category is a legacy case.
A lower January 1 value, after a fall in markets, means a lower minimum for that year. See RRIF minimum withdrawals.
How payments are taxed
Every RRIF payment is taxable income, whether it comes from original contributions or growth. No tax is withheld on the minimum amount; on the part of a payment above the minimum, the RRSP withdrawal rates apply (Canada Revenue Agency):
| Amount above the minimum | Outside Quebec | Quebec, single payment (federal + provincial) |
|---|---|---|
| Up to $5,000 | 10% | 19% |
| Over $5,000 up to $15,000 | 20% | 24% |
| Over $15,000 | 30% | 29% |
In Quebec, the provincial rate in the table applies to a single (lump-sum) payment above the minimum; on regular periodic payments, Quebec tax on the part above the minimum is withheld at the usual source-deduction rates (Revenu Québec).
Because nothing is withheld on the minimum, tax is often owing at filing time; you can ask your provider to withhold more, or you may be asked to pay instalments.
From age 65, RRIF payments qualify for the federal pension income amount: a credit of 14% on up to $2,000 of eligible income, worth up to $280. They can also be split with a spouse or common-law partner: up to 50% of eligible pension income, by joint election (form T1032) each year. See pension income splitting.
The T4RIF slip
Your provider issues a T4RIF for each year with payments (Canada Revenue Agency):
| Box | What it shows | Where it goes |
|---|---|---|
| 16 | Taxable amounts paid to you in the year | Line 11500 if you were 65 or older on December 31 (or the payments came from your late spouse’s or common-law partner’s RRIF); otherwise line 13000 |
| 24 | The part above the minimum (already included in box 16) | Not reported separately |
| 28 | Income tax deducted | Line 43700 |
| 18 | Value of the RRIF at the annuitant’s death | See the slip’s instructions |
| 22 | Other income or deductions, such as amounts from non-qualified investments held in the RRIF | A positive amount goes on the same line as box 16; a negative amount (in brackets) is claimed on line 23200 |
Check the box 16 total against the payments shown on your statements for the year.
What to check each time
- Payments to date are on track to reach the minimum by December 31.
- Tax withheld matches what you asked for.
- The investments can fund the next year’s payments without selling at a bad time, for example by holding some cash or maturing GICs.
- Your successor annuitant or beneficiary designation is current; see the beneficiary designation guide.
Related resources
Sources
The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 22, 2026. How we check facts.
- Canada Revenue Agency: RRSP: Tax rates on withdrawals
- Canada Revenue Agency: Current year tax rates and income brackets (2026) - Personal income tax
- Canada Revenue Agency: Pension income amount - Personal income tax
- Canada Revenue Agency: Pension income splitting
- Canada Revenue Agency: Chart – Prescribed factors
- Internet Archive: Payments From an RRSP, a VRSP, a PRPP or a RRIF