RRIF Withdrawal Calculator 2026: Age 71+ CRA

Calculate your 2026 RRIF minimum withdrawal using the CRA age table — 5.28% at 71 rising to 20% at 95+. See withholding tax on amounts above the minimum.

Key Takeaways

  • You must convert your RRSP to a RRIF by December 31 of the year you turn 71.
  • Minimum withdrawal percentages increase with age — from ~5.28% at 71 to over 20% at 95.
  • Using a younger spouse's age for the minimum calculation keeps more money growing tax-sheltered.
  • RRIF income qualifies for the pension income tax credit and pension splitting once you're 65+.

Understanding RRIF Minimum Withdrawals

A Registered Retirement Income Fund (RRIF) is the natural successor to the RRSP when it comes time to draw retirement income. By December 31 of the year you turn 71, you must convert your RRSP to a RRIF (or purchase an annuity, or withdraw the full balance as taxable income). Once converted, the RRIF requires you to withdraw a minimum amount each year based on your age and the value of the account.

The key advantage of a RRIF is that your investments continue to grow tax-sheltered inside the plan, just as they did in your RRSP. You only pay tax on amounts you actually withdraw. The minimum withdrawal percentage increases with age — starting at a modest rate in your early 70s and rising to over 20% by age 95. Understanding these minimums is essential for retirement income planning and managing your tax bracket year over year.

How It Works

This calculator projects your RRIF balance and required minimum withdrawals over time. Enter your RRIF balance, your age (or your spouse's age if you elect to use the younger spouse's age), and an assumed rate of return. The calculator applies the CRA's prescribed minimum withdrawal percentages for each year and shows how your balance and required withdrawals change as you age.

You can model different scenarios by adjusting the rate of return or comparing the effect of using your age versus your younger spouse's age for the minimum calculation. Using a younger spouse's age reduces the minimum withdrawal in early years, allowing more of the portfolio to remain invested and grow tax-sheltered. The calculator also shows the withholding tax implications for withdrawals above the annual minimum.

RRIF Minimum Withdrawal Schedule

The CRA prescribes minimum withdrawal percentages that increase each year. Before age 71, the formula is 1 / (90 minus your age) — for example, 1/25 = 4.00% at age 65. At 71 and older, the CRA publishes a specific table: approximately 5.28% at 71, 5.40% at 72, rising to 6.82% at 80, 11.92% at 90, and 20.00% at 95+.

These minimums are applied to the market value of your RRIF on January 1 of each year. In years when your investments perform well, the dollar amount of your minimum withdrawal increases. In poor market years, the minimum is based on the lower January 1 balance, providing some natural adjustment.

Tax Planning with RRIF Withdrawals

RRIF withdrawals are taxable as regular income. The minimum withdrawal has no withholding tax deducted at source, but amounts above the minimum are subject to withholding: 10% up to $5,000, 20% from $5,001 to $15,000, and 30% above $15,000 (Quebec rates differ).

Key tax planning strategies include: converting early (before 71) to access the pension income tax credit at age 65; splitting RRIF income with a spouse to lower your combined tax; drawing down RRIF balances strategically before age 72 to reduce mandatory minimums; and coordinating withdrawals with OAS clawback thresholds. The goal is to smooth taxable income across retirement years rather than letting forced minimums push you into higher brackets.

Key Facts

  • You must convert your RRSP to a RRIF by December 31 of the year you turn 71. You can convert earlier if you want to begin receiving income sooner.
  • Minimum withdrawal amounts are prescribed by the CRA and increase as a percentage of your RRIF balance each year as you age.
  • You can elect to base your minimum withdrawal on your younger spouse's or common-law partner's age, which lowers the minimum in earlier years.
  • There is no maximum withdrawal limit — you can withdraw any amount above the minimum at any time.
  • All RRIF withdrawals are taxable as regular income and reported on a T4RIF slip.
  • Withdrawals above the annual minimum are subject to withholding tax: 10% up to $5,000, 20% from $5,001 to $15,000, and 30% above $15,000 (rates are different in Quebec).
  • Upon the death of the RRIF holder, the remaining balance is included in the deceased's income for the final tax return, unless it is transferred to a qualifying spouse, common-law partner, or financially dependent child or grandchild.

FAQ

How is the RRIF minimum withdrawal calculated?

The CRA prescribes a minimum withdrawal percentage for each age, applied to the market value of your RRIF at January 1 of each year. For ages under 71, the formula is 1 / (90 minus your age). At 71 and older, the CRA publishes a specific percentage table that increases each year — for example, approximately 5.28% at age 71, rising to over 20% at age 95. Use the calculator above to see the exact minimum for your situation.

Should I use my spouse's age for the minimum calculation?

If your spouse or common-law partner is younger than you, using their age reduces your minimum withdrawal in the early years of your RRIF. This keeps more money invested and growing tax-sheltered, which can be advantageous if you don't need the full minimum for living expenses. However, you must make this election when you set up the RRIF — it cannot be changed later. Consider your income needs and overall tax situation before deciding.

What happens if I withdraw more than the RRIF minimum?

You can withdraw any amount above the minimum at any time. However, the amount above the minimum is subject to withholding tax at the time of withdrawal: 10% on amounts up to $5,000, 20% from $5,001 to $15,000, and 30% on amounts above $15,000 (Quebec has different rates). The minimum withdrawal itself is not subject to withholding tax. All withdrawals, including the minimum, are reported as income and taxed at your marginal rate when you file your return.

Can I convert my RRSP to a RRIF before age 71?

Yes. There is no minimum age for converting an RRSP to a RRIF. Some people convert early to begin receiving regular income, to split pension income with a spouse (RRIF income qualifies for the pension income tax credit and pension income splitting once the holder is 65 or older), or for other planning reasons. You can also convert a portion of your RRSP and keep the rest invested in the RRSP until the mandatory conversion deadline.

What happens to my RRIF when I die?

The full market value of the RRIF at the time of death is included as income on the deceased's final tax return. However, if the RRIF is left to a qualifying surviving spouse or common-law partner, it can be transferred to their RRIF or RRSP tax-free (a "rollover"). It can also roll over to a financially dependent child or grandchild under certain conditions. Designating a qualified beneficiary on the RRIF avoids probate on the RRIF assets in most provinces.

Updated April 2026. Information on this page is provided for educational purposes only. Tax rules, rates, and government programs may change — verify details with the CRA or a qualified financial advisor.