Once you convert your RRSP to a RRIF (required by the end of the year you turn 71), you’ll receive a T4RIF slip each year reporting your retirement income. Unlike RRSP withdrawals, RRIF minimum withdrawals have no withholding tax at source — but they’re still fully taxable. If you withdraw more than the minimum, withholding applies to the excess. The good news: RRIF income qualifies for the pension income tax credit and can be split with your spouse if you’re 65 or older, providing valuable tax planning opportunities in retirement.
What Is a T4RIF Slip?
| Feature | Details |
|---|---|
| Full name | Statement of Income from a RRIF |
| Issued by | Financial institution holding your RRIF |
| Reports | Minimum withdrawal, excess withdrawals, amounts at death |
| Due date | Last day of February |
| Tax treatment | Fully taxable income |
When You Receive a T4RIF
You’ll receive a T4RIF slip if you:
| Situation | What’s Reported |
|---|---|
| Received minimum withdrawal | Amount withdrawn (no withholding) |
| Withdrew more than minimum | Full amount + withholding on excess |
| Received periodic payments | Total payments for the year |
| RRIF holder died | Amounts paid to estate/beneficiary |
RRIF Minimum Withdrawal Rates (2026)
Your RRIF requires a minimum annual withdrawal based on your age (or your spouse’s age, if younger) at the start of the year.
| Age on Jan 1 | Minimum % | Example: $500,000 RRIF |
|---|---|---|
| 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 |
| 85 | 8.51% | $42,550 |
| 90 | 11.92% | $59,600 |
| 94+ | 20.00% | $100,000 |
Note: If your spouse is younger, you can use their age to calculate a lower minimum. This preserves more assets in the tax-sheltered RRIF.
T4RIF Boxes Explained
Key Income Boxes
| Box | Description | Tax Treatment |
|---|---|---|
| 16 | Taxable amounts paid to the annuitant | Fully taxable income |
| 24 | Excess amount (the portion above the required minimum) | Withholding tax applies |
| 18 | FMV of RRIF property at time of death (deceased annuitant’s final slip only) | Taxable to deceased or estate |
| 20 | FMV of RRIF property just before deregistration | Taxable |
| 22 | Other income or deductions | Varies |
There is no separate box for the “minimum” portion on its own — Box 16 is the total taxable amount you received, and Box 24 breaks out just the excess (above-minimum) portion of that total. The minimum amount is simply Box 16 minus Box 24, and it is not subject to withholding at source even though it is still fully taxable.
Withholding and Identification
| Box | Description | Use On Return |
|---|---|---|
| 28 | Income tax deducted | Credit against taxes owing |
| 12 | Recipient’s SIN | Your social insurance number |
| 14 | RRIF contract number | Reference only |
Understanding Each Box
Box 16: Taxable Amounts
This is the total amount you received from your RRIF during the year, including both the minimum and any excess withdrawal.
| What It Includes | Example |
|---|---|
| Minimum withdrawal (no separate box; not withheld) | $26,400 |
| Excess withdrawal (Box 24) | $13,600 |
| Total (Box 16) | $40,000 |
Tax treatment: Fully included in income. Report on Line 11500 of your tax return.
The Minimum Portion (no dedicated box)
The portion of your withdrawal that equals the required minimum is included in Box 16 but is not separately withholding-taxed at source.
| Feature | Details |
|---|---|
| Withholding | None |
| Still taxable? | Yes, at your marginal rate |
| Why no withholding? | You must withdraw it anyway, so the government assumes you’ll pay when filing |
Box 24: Excess Amount
Any amount withdrawn above the minimum. Withholding tax applies to this portion.
| Excess Amount | Withholding Rate | Tax Withheld |
|---|---|---|
| Up to $5,000 | 10% | $500 max |
| $5,001 – $15,000 | 20% | $1,000 – $3,000 |
| Over $15,000 | 30% | 30% of amount |
Quebec: Federal withholding is 5%, 10%, or 15%. Provincial tax is withheld separately.
Box 28: Income Tax Deducted
Total tax withheld on the excess (Box 24) portion of your withdrawals. Claim this as a credit on Line 43700 of your T1 return.
How to Report T4RIF Income
On Your Tax Return
| T4RIF Box | Tax Return Line | Description |
|---|---|---|
| Box 16 | Line 11500 | Other pensions and superannuation |
| Box 28 | Line 43700 | Tax deducted at source |
| Pension credit | Line 31400 | Up to $2,000 (if 65+) |
| Pension splitting | Form T1032 | Optional, if eligible |
Step-by-Step
| Step | Action |
|---|---|
| 1 | Gather all T4RIF slips |
| 2 | Enter Box 16 total on Line 11500 |
| 3 | If 65+, claim pension amount on Line 31400 |
| 4 | Consider pension income splitting with spouse |
| 5 | Enter Box 28 withholding on Line 43700 |
| 6 | Complete return — you may owe tax on minimum |
Withholding Tax Rules
Minimum vs Excess
| Withdrawal Type | Withholding | Why |
|---|---|---|
| Minimum amount | None | You must withdraw it anyway |
| Excess amount | 10/20/30% | Voluntary — withholding required |
Example: $40,000 Withdrawal
| Component | Amount | Withholding |
|---|---|---|
| Minimum (age 75, $500K RRIF) | $29,100 | $0 |
| Excess | $10,900 | $2,180 (20%) |
| Total received | $37,820 | |
| Total taxable | $40,000 |
At filing: You’ll owe tax on the full $40,000 at your marginal rate, minus the $2,180 credit.
Pension Income Tax Credit
RRIF income qualifies for the pension income amount if you’re 65 or older.
Federal Credit
| Maximum Amount | Tax Credit (15%) | Savings |
|---|---|---|
| $2,000 | 15% | $300 federal |
Provincial Credits
Most provinces offer an additional pension income credit:
| Province | Max Amount | Approximate Credit |
|---|---|---|
| Ontario | $1,714 | ~$90 |
| BC | $1,000 | ~$50 |
| Alberta | $1,624 | ~$160 |
| Quebec | $2,963 | ~$400 |
Combined savings: Up to $500–$700 depending on province.
How to Claim
| Step | Action |
|---|---|
| 1 | Check Box 11500 has pension income |
| 2 | Enter eligible amount on Line 31400 (max $2,000) |
| 3 | Credit calculated automatically |
Pension Income Splitting
If you’re 65 or older, you can split up to 50% of eligible pension income with your spouse.
How It Works
| Factor | Details |
|---|---|
| Eligible income | RRIF payments (if 65+) |
| Maximum split | 50% of eligible income |
| Benefit | Lower combined tax if spouse in lower bracket |
| Form required | T1032 (Joint Election) |
Example: $60,000 RRIF Income
| Scenario | Your Income | Spouse’s Income | Combined Tax |
|---|---|---|---|
| No splitting | $60,000 | $20,000 | Higher |
| Split 50% | $30,000 | $50,000 | Lower |
Note: Your spouse must agree and file Form T1032 with their return.
Who Can Split
| Requirement | Details |
|---|---|
| Age | You must be 65+ for RRIF income to qualify |
| Relationship | Legally married or common-law |
| Both must file | Each completes T1032 |
| Living together | Must be together at year-end (exceptions apply) |
RRIF vs RRSP Withdrawals
| Feature | RRSP (T4RSP) | RRIF (T4RIF) |
|---|---|---|
| Minimum withdrawal | None | Required annually |
| Withholding on all withdrawals | Yes (10/20/30%) | Only on excess |
| Pension income credit | No | Yes (if 65+) |
| Pension income splitting | No | Yes (if 65+) |
| Must convert by age | 71 | N/A |
Key advantage of RRIF: No withholding on minimum withdrawals preserves cash flow.
Death and T4RIF
When a RRIF holder dies, the RRIF value is deemed disposed.
| Beneficiary | Tax Treatment |
|---|---|
| Spouse/common-law partner | Can transfer to spouse’s RRIF/RRSP tax-free |
| Financially dependent child/grandchild | May transfer to RDSP or term annuity |
| Other named beneficiary | Full value taxable to deceased |
| Estate | Full value taxable to deceased |
Box 18: FMV at Death
If you’re the executor or beneficiary, Box 18 on the deceased annuitant’s final T4RIF slip shows the fair market value of the RRIF property at the time of death — the amount the deceased is deemed to have received. This is typically included on the deceased’s final return, though special rules can shift some of it to a qualifying survivor (spouse/common-law partner or financially dependent child/grandchild) instead.
Common T4RIF Mistakes
| Mistake | Consequence |
|---|---|
| Not withdrawing minimum | CRA penalty (50% of shortfall) |
| Assuming no tax owed | Minimum is taxable — you may owe |
| Missing pension credit | Leaving $300+ on the table |
| Not splitting income | Higher combined family tax |
| Forgetting voluntary withholding | Large tax bill at filing |
Planning Tips
Request Voluntary Withholding
If you don’t want a tax bill at filing, ask your financial institution to withhold tax even on the minimum amount.
| Request | Result |
|---|---|
| 20% withholding on minimum | $5,820 withheld on $29,100 |
| Avoids | Lump sum owing at tax time |
Coordinate with Other Income
| Other Income | Strategy |
|---|---|
| OAS + CPP | Keep total income below OAS clawback |
| Part-time work | May push you into higher bracket |
| Pension | Already using pension income credit |
Use Spouse’s Age for Minimum
If your spouse is younger, you can elect to use their age to calculate a lower minimum withdrawal:
| Your Age | Spouse Age | Minimum % |
|---|---|---|
| 75 | 75 | 5.82% |
| 75 | 70 | 5.00% |
This keeps more money growing tax-sheltered in the RRIF.
Impact on Government Benefits
RRIF withdrawals affect income-tested benefits:
| Benefit | Impact |
|---|---|
| OAS | Clawback if income exceeds $95,323 (2026) |
| GIS | Reduced based on income |
| Age Amount credit | Reduced above $46,432 (2026) |
Planning: Consider withdrawing from TFSA first to preserve benefits, then RRIF.
Related Resources
- T4RSP Slip Explained — For RRSP withdrawals
- RRIF Minimum Withdrawal Calculator — Calculate your required minimum
- Pension Income Splitting — Complete guide
- OAS Clawback Guide — Avoid the recovery tax
- How to Reduce Taxes in Retirement — Tax planning strategies