RRIF withdrawal rates and rules

Published on : June 22, 2023

You can transfer funds from other registered Canadian accounts (such as an RRSP) into a RRIF and start making withdrawals. Here are some RRIF withdrawal rules to keep in mind.

RRIF minimum withdrawal rate

RRIFs have minimum annual withdrawals based on you or your spouse or common-law partner’s age and the account value at the beginning of the year. You must continue to take these minimum withdrawals until no funds remain. Review the charts below to find what your RRIF minimum withdrawal percentage may be. Keep in mind, there’s no RRIF minimum withdrawal required in the first year your RRIF is opened.

Age RRIF minimum withdrawal % per year
55 2.86
56 2.94
57 3.03
58 3.13
59 3.23

Age RRIF minimum withdrawal % per year
60 3.33
61 3.45
62 3.57
63 3.7
64 3.85
65 4.00
66 4.17
67 4.35
68 4.55
69 4.76

Age RRIF minimum withdrawal % per year
70 5.00
71 5.28
72 5.40
73 5.53
74 5.67
75 5.82
76 5.98
77 6.17
78 6.36
79 6.58

Age RRIF minimum withdrawal % per year
80 6.82
81 7.08
82 7.38
83 7.71
84 8.08
85 8.51
86 8.99
87 9.55
88 10.21
89 10.99

Age RRIF minimum withdrawal % per year
90 11.92
91 13.06
92 14.49
93 16.34
94 18.79
95+ 20

If you have a RRIF through Sun Life, we calculate your minimum withdrawal dollar amount every year. As you draw down your RRIF savings, the funds in your account will remain tax-deferred.

RRIF maximum withdrawals

There are no maximum withdrawal limits for RRIFs. You can withdraw as much as you want from your account. But keep in mind that you’ll be taxed on your withdrawals.

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Frequently Asked Questions

How do RRIF withdrawals work?

There’s a minimum amount you must withdraw from your RRIF every year. The withdrawals must start in the year after you open your account. You pay tax whenever you make withdrawals from your RRIF. Find your RRIF minimum withdrawal rate.

Remember that if you have a RRIF with Sun Life, we calculate your minimum withdrawal dollar amount every year. There’s no maximum withdrawal limit for RRIFs. If you want more than the minimum amount, just talk with your financial institution. Keep in mind, the more you withdraw, the greater your risk of outliving your RRIF income.

When do I have to withdraw from my RRIF?

Your RRIF withdrawals must start in the year after you open your account. For example, if you open a RRIF in 2023, you must start withdrawing from it at some point in 2024. In this case, starting in 2024 and ever year after, you’ll have to take at least a minimum withdrawal from your RRIF.

How much tax do I pay on RRIF withdrawals?

Every RRIF withdrawal you make is treated as taxable income. The amount of tax you pay depends on your individual circumstances, including:

  • how much other income you earned in the year of the withdrawal and
  • any tax deductions and tax credits you’re entitled to.

You must include the amount you withdrew from your RRIF as income when you file your tax return.

Also, just as an employer takes tax off your paycheque, your financial institution will take a certain amount of tax from your RRIF and send it to the CRA or Revenu Quebec – this is commonly referred to as a withholding tax. The amount of tax that’s withheld varies between 10% to 30% (between 20% to 30% for Quebec residents) of the amount withdrawn in excess of the minimum amount. If you take the minimum amount there is no required withholding tax. The exact amount of tax that’s withheld depends on how much you withdrew and your residency. Connect with an advisor for more detailed information.

Can I base my RRIF withdrawals on my spouse’s age?

Yes. If your spouse or common-law partner is younger than you are, you can use your spouse’s age to determine the minimum amount you’ll have to withdraw. If you choose this option, you’ll need to register this information when you first open your RRIF account. Once made, your choice cannot be changed. Connect with an advisor for more detailed information.

What if I don’t want to withdraw money from my RRIF? 

If you have a RRIF, you’ll be required to take withdrawals starting one year after you open the account – even if you don’t want or need the money.

If you’re under age 71 and you have a RRIF, you can convert your RRIF funds back to an RRSP to avoid making withdrawals. Connect with an advisor for more detailed information.

When you take money out of your RRIF, you will pay tax. But, if you don’t need the cash right away, there are ways to make the most of your required withdrawals. For example, after you’ve paid tax on your RRIF withdrawal, and if you have the contribution room, you can put the after-tax money into a tax-free savings account (TFSA). That way, any growth in the account will be tax-free. You could also put the after-tax money into non-registered accounts. But be prepared to pay tax every year on the non-registered account’s investment growth.

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