RRIF Withdrawal CalculatorRRIF Withdrawal Rules: CRA Minimum, Maximum and Tax
The main RRIF withdrawal rule fits in one sentence: from the year after you open the fund, you have to take at least a yearly minimum, and you can take as much more as you like. The minimum is a percentage of the January 1 value set by your age. Tax is withheld only on the part above the minimum, and every dollar you take out is taxable income.
Checked against CRA and the Income Tax Act on October 8, 2026.
How the minimum withdrawal is worked out
The CRA puts the core rule in three sentences: "Starting in the year after the year you establish a RRIF, you have to be paid a yearly minimum amount." "Your carrier calculates the minimum amount based on your age at the beginning of each year." "You can withdraw more, but not less than the minimum." (CRA, Receiving income from a RRIF).
The legal formula is in the definition of "minimum amount" in section 146.3(1) of the Income Tax Act. It is written as (A x B) + C, where A is the fair market value of the fund's property at the beginning of the year and B is the prescribed factor. The two inputs that drive it are both fixed on January 1:
- The value of the RRIF on January 1. Withdrawals and market moves later in the year do not change that year's minimum.
- Your age in whole years at the beginning of the year. If you turn 72 in June, you use the age 71 factor for that whole year.
The factors come from section 7308(4) of the Income Tax Regulations. Under 71 the factor is 1 / (90 minus your age). From 71 it follows a fixed table that rises each year until it reaches 20% at 95 and stays there.
| Age on January 1 | Factor | Minimum on $200,000 |
|---|---|---|
| 65 | 4.00% (1 / 25) | $8,000.00 |
| 70 | 5.00% (1 / 20) | $10,000.00 |
| 71 | 5.28% | $10,560.00 |
| 72 | 5.40% | $10,800.00 |
| 75 | 5.82% | $11,640.00 |
| 80 | 6.82% | $13,640.00 |
| 90 | 11.92% | $23,840.00 |
| 95 or older | 20.00% | $40,000.00 |
Every age from 55 to 95 is in the RRIF minimum withdrawal table. Your carrier runs this calculation for you each year. The CRA's page for carriers adds one detail: mutual fund redemption fees are expenses of the RRIF and are not part of the minimum (CRA, Minimum amount from a RRIF).
Is there a RRIF maximum withdrawal?
An ordinary RRIF has no maximum. The Income Tax Act describes a RRIF as an arrangement where the carrier pays amounts that, in each year the minimum is greater than nil, total "not less than the minimum amount under the arrangement for that year" (s. 146.3(1), definition of "retirement income fund"). Under the RRIF withdrawal rules, that is a floor with no ceiling. The CRA says the same in plain words: you can withdraw more, but not less than the minimum.
The practical limit is tax: everything above the minimum has tax withheld, and the full amount is added to your income for the year.
Life income funds do have a maximum
A life income fund (LIF) works differently. For federally regulated LIFs, the Office of the Superintendent of Financial Institutions says: "The minimum annual withdrawal amount is determined under the Income Tax Regulations and the maximum annual withdrawal amount is determined under the Pension Benefits Standards Regulations, 1985." It adds that the maximum is meant to keep a retirement income going until at least age 90 (OSFI, Life Income Funds, Restricted Life Income Funds, and Variable Benefits Accounts). For any LIF, the maximum depends on the pension legislation that governs it, so ask your carrier for the figure. The RRIF vs LIF comparison has sample 2026 federal, Ontario and BC maximums and the unlocking rules.
Tax withheld only above the minimum
The CRA's FAQ for RRIF administrators is direct: "income tax must be withheld at source on amounts in excess of the minimum using the lump-sum withholding tax rates. No withholding is required on minimum amounts." (CRA, Frequently asked questions (RRSPs/RRIFs)). The rates are:
| Amount above the minimum | Outside Quebec | Quebec (federal only) |
|---|---|---|
| Up to $5,000 | 10% | 5% |
| Over $5,000 up to $15,000 | 20% | 10% |
| Over $15,000 | 30% | 15% |
Sources: the CRA FAQ above and CRA Tax rates on withdrawals. One request paid out in instalments is rated on the total you asked for. The RRIF withholding tax guide covers the Quebec and instalment rules in more depth, with a quick calculator.
Withholding is a prepayment. The CRA warns that the tax withheld may not be enough and you may owe more when you file. Because nothing is withheld on the minimum, the tax on it is due by April 30 of the following year unless you are required to pay by instalments. You can ask the payer to withhold more using Form TD1.
When you have to take the money
The minimum has to be paid to you within each calendar year, which means by December 31. The Act sets only the yearly total, so you and your carrier agree how often you are paid during the year.
If you ask for more than the minimum, the CRA's FAQ says you "may change this election at any time during the year".
The opening year minimum is nil
For "the year in which the fund was entered into" the minimum is "a nil amount" (s. 146.3(1)). A RRIF opened in 2026 has no required withdrawal in 2026; the first minimum is for 2027, based on the January 1, 2027 value and your age on that date. Anything you take out in the opening year counts as above the minimum, so tax is withheld on all of it. If you are converting at 71, the RRSP to RRIF conversion guide covers the deadline and the first minimum.
Using your spouse's age (the spousal age election)
You can have the minimum based on your spouse's or common-law partner's age instead of yours. If they are younger, the factor is lower: at 72 your own factor is 5.40%, while with a spouse who is 65 on January 1 it is 4%. On $200,000 that is $8,000 instead of $10,800. You can compare both minimums in the calculator.
Two rules in s. 146.3(1) decide how it works:
- Timing. You must "so elect before any payment has been made under the fund by the carrier". Once the RRIF has paid you anything, it is too late. The CRA's carrier page describes the election as made when the RRIF was being set up.
- Whose age. The factor follows the person who was your spouse or common-law partner at the time of the election.
If your spouse or partner is younger and you want smaller required withdrawals, raise it with your carrier when you open the RRIF. After the first payment the choice is gone.
Older RRIFs: the qualifying RRIF exception
A small group of funds use slightly different factors. Under s. 7308(2) and (3) of the Income Tax Regulations, a qualifying RRIF is one entered into before 1993, or one that has accepted no property after 1992 other than transfers from another qualifying RRIF. For these, 1 / (90 minus age) applies up to 71, then the same table from 72. The only difference in practice is age 71: 1 / 19, about 5.26%, instead of 5.28%. The withdrawal table has a qualifying RRIF factor column next to the usual one. If you are not sure whether your fund qualifies, ask your carrier.
Moving money between RRIFs
You can have more than one RRIF (CRA, Registered Retirement Income Fund (RRIF)), and you can move property from one of your RRIFs to another by direct transfer (CRA, Property from another RRIF). At your direction, the carrier must transfer all or part of the property to the carrier of another RRIF of yours (s. 146.3(2)(e)).
That year's minimum still has to be paid after a mid-year transfer. Under s. 146.3(2)(e.1), the transferring carrier keeps back enough to pay you that year's minimum, or all of the property if there is less than that.
The same CRA page also allows two other direct transfers. One is from a current or former spouse's RRIF under a court order or written separation agreement when the relationship breaks down. The other covers certain designated benefits on death.
What counts as income
"Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt." (CRA, Registered Retirement Income Fund (RRIF)). The minimum is taxable just like any extra you take.
Your carrier reports the payments on a T4RIF slip (CRA, T4RIF slip information):
- Box 16 shows the taxable amounts you received in the year. This is the figure you report.
- Box 24 shows the excess amount, the taxable part above the minimum. It is already included in box 16, so do not report it again.
Where it goes on your return depends on your age. If you were 65 or older on December 31 of the year, or received the RRIF income because your spouse or common-law partner died, report it on line 11500. Otherwise it goes on line 13000 (CRA, Receiving income from a RRIF).
Pension income amount and splitting at 65
Two tax measures open up for RRIF income at 65:
- The pension income amount. You can claim it on RRIF income if you were 65 or older on December 31 of the year, or receive the income because your spouse or common-law partner died (CRA, Receiving income from a RRIF). The federal amount is whichever is less of $2,000 and the amount from the CRA's chart (CRA, Line 31400: Pension income amount, as worded for the 2025 tax year).
- Pension income splitting. RRIF payments, including LIF payments, are eligible pension income for splitting with your spouse or common-law partner if you are 65 or older at the end of the year, or received them because of a spouse's death. You both elect on Form T1032 (CRA, Pension income splitting).
Frequently asked questions
What is the maximum I can withdraw from a RRIF?
An ordinary RRIF has a minimum but no maximum. The CRA says you can withdraw more, but not less than the minimum. Life income funds (LIFs) are different: pension law sets a yearly maximum for them.
When do I have to take my RRIF minimum?
Some time during each calendar year, starting the year after you open the RRIF. The full minimum has to be paid to you by December 31. How you spread the payments over the year is up to you and your carrier.
Is tax withheld on RRIF withdrawals?
Only on the amount above the minimum, at 10%, 20% or 30% depending on the size of the extra amount (5%, 10% or 15% federal in Quebec). Nothing is withheld on the minimum itself, but all RRIF payments are still taxable income.
Can I change to my spouse's age after my RRIF has started paying?
No. The Income Tax Act only allows the election before any payment has been made under the fund. The factor then follows the age of the person who was your spouse or common-law partner when you made the election.
Do I have to take a minimum in the year I open my RRIF?
No. The minimum is nil for the year the RRIF is entered into. Your first minimum is for the following year, based on the value on January 1 of that year.
Where do I report RRIF income on my tax return?
Use the amount in box 16 of your T4RIF slip. Report it on line 11500 if you were 65 or older on December 31 of the year, or received it because your spouse or common-law partner died. Otherwise use line 13000.
Work out your own minimum
The RRIF withdrawal calculator applies these RRIF withdrawal rules to your balance, including the spouse election, withholding on anything extra and a projection to age 100. For a second opinion on your drawdown, you can request a free RRIF drawdown plan review from a licensed financial planner, who may pay us a referral fee (see our disclosure).
Sources
- CRA, Receiving income from a RRIF: yearly minimum, spouse age, reporting lines and the pension income amount.
- Income Tax Act, section 146.3: "minimum amount" (nil in the opening year, the spouse election), "retirement income fund", and transfers under 146.3(2)(e) and (e.1).
- Income Tax Regulations, section 7308: prescribed factors and qualifying RRIFs.
- CRA, Minimum amount from a RRIF (for carriers).
- CRA, Frequently asked questions (RRSPs/RRIFs): withholding above the minimum, payment timing.
- CRA, Tax rates on withdrawals.
- CRA, T4RIF slip information for individuals: boxes 16 and 24.
- CRA, Registered Retirement Income Fund (RRIF).
- CRA, Property from another RRIF.
- CRA, Pension income splitting.
- CRA, Line 31400: Pension income amount.
- OSFI, Life Income Funds, Restricted Life Income Funds, and Variable Benefits Accounts.
Not financial advice. General information only. Your RRIF carrier calculates the actual minimum, makes the payments and handles withholding.