WealthRRIF Minimum Withdrawal Calculator 2026 (Canada)
Last updated: June 2026
RRIF minimum withdrawal calculator
Depletion projection
The projection assumes you withdraw the minimum each year (recalculated on each January 1 balance), then apply the return to the remaining balance. Simplified assumption, for illustration only.
Show year-by-year table
For illustration only. Withdrawal factors per the CRA prescribed schedule (RRIFs set up after 1992). Hypothetical return, not guaranteed. No personalized buy, sell, or withdrawal advice.
How the RRIF minimum withdrawal is calculated
The yearly minimum is simple: Minimum withdrawal = January 1 balance × age factor. The factor is a percentage set by regulation and published by the Canada Revenue Agency (CRA). It rises with age: the older you get, the larger the share of your RRIF you must take out each year, up to a floor of 20% at age 95 and over.
Before age 71 (for example if you opened your RRIF early, or hold a locked-in RRIF/LIF), the factor is not in the schedule: it is computed with the formula 1 ÷ (90 − age). At age 65 that gives 1 ÷ 25 = 4.00%; at age 70, 1 ÷ 20 = 5.00%.
From age 71, you use the prescribed schedule: age 71 = 5.28%, age 72 = 5.40%, age 80 = 6.82%, age 90 = 11.92%, and age 95 and over = 20.00%. The age that counts is the one you are on January 1 of the withdrawal year — not your birthday later in the year.
CRA RRIF factor table (selected ages)
Here are the most-looked-up prescribed percentages. The calculator uses the full schedule from age 71 to 95+, and the 1/(90−age) formula before 71.
| Age on January 1 | Factor (%) | On $300,000 |
|---|---|---|
| 65 | 4.00% | $12,000 |
| 70 | 5.00% | $15,000 |
| 71 | 5.28% | $15,840 |
| 72 | 5.40% | $16,200 |
| 75 | 5.82% | $17,460 |
| 80 | 6.82% | $20,460 |
| 85 | 8.51% | $25,530 |
| 90 | 11.92% | $35,760 |
| 95 and over | 20.00% | $60,000 |
Worked example
Take a RRIF of $300,000 on January 1, for someone aged 72. The prescribed factor is 5.40%, so the year's minimum withdrawal is $300,000 × 0.0540 = $16,200. That amount is fully taxable as income, but no tax is withheld at source on the minimum portion. If the person were instead 80, the factor would rise to 6.82% and the minimum to $20,460 — on the same balance. That is why the minimum climbs with age, independent of the return.
Converting an RRSP to a RRIF at 71
You can convert your RRSP to a RRIF any time, but no later than December 31 of the year you turn 71. The conversion keeps the tax deferral: your money stays invested exactly as before. The only new rule is the withdrawal requirement: no minimum in the year you open it, then the prescribed minimum every following year. Many people convert at 71, but nothing stops you from doing it earlier to pension-income split with a spouse from age 65.
Frequently Asked Questions
When do I have to convert my RRSP to a RRIF?
You must close your RRSP by December 31 of the year you turn 71. You have three options: convert to a RRIF, buy an annuity, or cash it all out (rarely worthwhile because of tax). Converting to a RRIF is the most common: it keeps the tax deferral, your money stays invested, and the first mandatory minimum withdrawal applies the calendar year after you open the RRIF. The percentage is set by the CRA factor based on your age on January 1.
Is tax withheld on the RRIF minimum withdrawal?
No tax is withheld at source on the mandatory minimum amount — but the amount is still fully taxable as income on your return. Only the portion of a withdrawal that exceeds the minimum is subject to withholding tax (10%, 20% or 30% federally depending on the bracket, plus provincial withholding in Quebec). Setting money aside for the year-end tax on your minimum is a good habit, especially if you have other income.
Can I use my younger spouse's age to lower my withdrawal?
Yes. When you open the RRIF, you can elect to base the minimum calculation on the age of your spouse or common-law partner if they are younger. Because the CRA factor rises with age, using a lower age reduces the percentage withdrawn each year and leaves more money to grow tax-sheltered. This election is irrevocable and must be made before the first withdrawal. Tick the option in the calculator to compare.
Can I withdraw more than the RRIF minimum?
Yes, there is no cap: the RRIF imposes a minimum withdrawal, not a maximum. You can take more if you need income, but every dollar above the minimum is subject to withholding tax at source and increases your taxable income for the year, which can reduce income-tested benefits such as Old Age Security (clawback). Taking only the minimum extends the tax deferral; taking more can make sense to smooth tax across several years.
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