T4RIF Slip Explained Canada 2026: RRIF Withdrawals & Retirement Income
Updated
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Amount withdrawn (no withholding)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
Fully taxable income
18
Excess amount
Amounts over minimum (withholding applies)
22
Minimum amount
Not subject to withholding
24
Amounts at death
Taxable to deceased or estate
Withholding and Identification
Box
Description
Use On Return
28
Income tax deducted
Credit against taxes owing
12
Payer’s name
Financial institution
14
Recipient’s SIN
Your social insurance number
Understanding Each Box
Box 16: Taxable Amounts
This is the total amount you received from your RRIF during the year.
What It Includes
Example
Minimum withdrawal
$26,400
Excess withdrawal
$13,600
Total (Box 16)
$40,000
Tax treatment: Fully included in income. Report on Line 11500 of your tax return.
Box 22: Minimum Amount
The portion of your withdrawal that equals the required minimum. This amount is not subject to withholding tax at source.
Feature
Details
Withholding
None
Still taxable?
Yes, at your marginal rate
Why no withholding?
Government assumes you’ll pay when filing
Box 18: 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 excess 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 24: Amounts at Death
If you’re the executor or beneficiary, Box 24 shows amounts paid from the RRIF after the holder’s death. These are typically included on the deceased’s final return.
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.