This RRIF withdrawal calculator helps you estimate your payments by calculating the minimum amount that you must withdraw each year. The projection table shows your RRIF’s balance each year to age 95 if you take only the minimum, at the rate of return you enter. For the bigger picture, pair it with our retirement planning hub.
| Age | Balance | Min % | Withdrawal | End Balance |
|---|
What is a Registered Retirement Income Fund (RRIF)?
A Registered Retirement Income Fund (RRIF) is a federally registered retirement account in Canada designed to provide income during retirement. There’s no minimum age to convert your Registered Retirement Savings Plan (RRSP) into a RRIF; you can do it at any age, though it rarely makes sense before your 60s. By December 31 of the year you turn 71, your RRSP must be converted to a RRIF, used to buy an annuity, or withdrawn as taxable income; this page covers the RRIF option. A RRIF allows you to withdraw money and receive payments, which are taxed as income.
Unlike an RRSP, you cannot make contributions to a RRIF. The account is designed purely for drawdown: your investments continue to grow tax-deferred inside the RRIF, but you must take out at least a minimum amount each year.
RRIF Minimum Withdrawal Schedule
From the year after you open a RRIF, you must withdraw at least the year's minimum: the January 1 balance times a factor for your age at the start of the year (or your spouse's age, if you choose), which is 1 ÷ (90 − age) up to 70 and CRA's prescribed factor from 71; you can always take more.You are required to withdraw a minimum amount from your RRIF each year. The minimum is a percentage of your RRIF’s value on January 1 of that year. This percentage increases with age, ensuring the account is gradually drawn down over your lifetime.
| Age | Prescribed Factor (All Other RRIFs) | On $500,000 |
|---|---|---|
| 65 | 4.00% | $20,000 |
| 66 | 4.17% | $20,850 |
| 67 | 4.35% | $21,750 |
| 68 | 4.55% | $22,750 |
| 69 | 4.76% | $23,800 |
| 70 | 5.00% | $25,000 |
| 71 | 5.28% | $26,400 |
| 72 | 5.40% | $27,000 |
| 73 | 5.53% | $27,650 |
| 74 | 5.67% | $28,350 |
| 75 | 5.82% | $29,100 |
| 76 | 5.98% | $29,900 |
| 77 | 6.17% | $30,850 |
| 78 | 6.36% | $31,800 |
| 79 | 6.58% | $32,900 |
| 80 | 6.82% | $34,100 |
| 81 | 7.08% | $35,400 |
| 82 | 7.38% | $36,900 |
| 83 | 7.71% | $38,550 |
| 84 | 8.08% | $40,400 |
| 85 | 8.51% | $42,550 |
| 86 | 8.99% | $44,950 |
| 87 | 9.55% | $47,750 |
| 88 | 10.21% | $51,050 |
| 89 | 10.99% | $54,950 |
| 90 | 11.92% | $59,600 |
| 91 | 13.06% | $65,300 |
| 92 | 14.49% | $72,450 |
| 93 | 16.34% | $81,700 |
| 94 | 18.79% | $93,950 |
| 95 or older | 20.00% | $100,000 |
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.
Worked Example: $500,000 RRIF Converted at Age 71
Suppose your RRSP is converted to a RRIF with a balance of $500,000 on January 1 of the year you turn 71. No minimum withdrawal is required in this first year. CRA rules only require a minimum withdrawal starting the year after you open the RRIF, no matter when during that first year the conversion happened.
If your investments earn 5% in that first year, with no withdrawal to subtract:
- Starting balance: $500,000
- Investment growth: $500,000 × 5% = $25,000
- Year-end balance: $525,000 (no withdrawal required yet)
The following year you turn 72, but the prescribed factor uses your age on January 1, which is still 71. So the minimum withdrawal percentage is 5.28%, applied to the January 1 balance:
Minimum withdrawal = $525,000 × 5.28% = $27,720
As you age, the minimum percentage increases, meaning larger mandatory withdrawals even as your balance declines. By age 80, with a hypothetical $400,000 balance, the minimum withdrawal would be $400,000 × 6.82% = $27,280.
RRSP to RRIF Conversion Rules
Your RRSP must mature by December 31 of the year you turn 71 (by converting it to a RRIF, buying an annuity, or withdrawing it as taxable income), though you can convert earlier if you need the income sooner. Once converted to a RRIF, you cannot contribute to the account, and you can elect at setup to base your minimum on a younger spouse’s age instead of your own. For the full conversion process, deadlines, spousal RRIF rules, and the younger-spouse election, see the RRSP to RRIF conversion guide and RRIF minimum withdrawal guide.
RRIF vs Annuity
When converting your RRSP at age 71, you can choose between a RRIF and an annuity, or a combination of both:
| Feature | RRIF | Annuity |
|---|---|---|
| Income flexibility | Withdraw any amount above minimum | Fixed payments |
| Investment control | You choose how to invest | Insurance company invests |
| Longevity risk | You may outlive funds | Guaranteed for life (if life annuity) |
| Market risk | You bear investment risk | No market risk |
| Estate value | Remaining balance goes to beneficiaries | Usually no residual value |
| Fees | Investment management fees apply | Built into annuity pricing |
Many retirees use a combination of both: an annuity to cover essential expenses with guaranteed income and a RRIF for flexibility and potential investment growth. Use our annuity calculator to estimate annuity payments.
Related Calculators
- RRSP Calculator: Estimate RRSP contribution room and tax savings
- Retirement Calculator: Plan how much you need for retirement
- CPP Calculator: Estimate your Canada Pension Plan benefits
- OAS Calculator: Calculate Old Age Security payments and clawback
- Annuity Calculator: Estimate annuity income
- Income Tax Calculator: Calculate federal and provincial income tax
- TFSA Calculator: Plan tax-free withdrawals in retirement
Sources
The figures and rules on this page come from these sources, last checked against them between August 29, 2026 and September 29, 2026. How we check facts.
- Canada Revenue Agency: Chart – Prescribed factors
- Canada Revenue Agency: RRSPs and Other Registered Plans for Retirement
- Justice Laws (Canada): Income Tax Act