RRIFs and retirement withdrawals: frequently asked questions

A RRIF is a registered account that holds savings moved from an RRSP and pays them out over time. Investments inside keep growing tax-deferred, but every withdrawal is taxable income. You can hold the same kinds of investments as in an RRSP.

By December 31 of the year you turn 71, an RRSP must be converted to a RRIF or an annuity, or withdrawn as cash. You can convert earlier. There is no minimum withdrawal in the calendar year the RRIF is opened, so for someone who converts at 71 the first minimum comes the following year. See RRSP to RRIF conversion.

The minimum is the January 1 balance multiplied by a prescribed factor for your age. At 70 and under the factor is 1 ÷ (90 − age), so 4.00% at 65; from 71 the CRA table applies: 5.28% at 71, 5.40% at 72, 5.53% at 73, 5.67% at 74, 5.82% at 75, 6.82% at 80, 8.51% at 85, 11.92% at 90 and 20.00% at 95 and older. RRIF minimum withdrawals explained has the full picture.

As an illustration, a RRIF with $300,000 on January 1 at age 72 has a minimum of $16,200 for that year (5.40%). With an assumed 5% return, the calculator shows the minimum rising to about $16,479 at 73 and $16,760 at 74 as the factor increases. Real results depend on actual returns and withdrawals.

Yes. You can elect to base the minimum on a younger spouse's or common-law partner's age, which lowers the required percentage. The election is generally made when the RRIF is set up, so ask your financial institution before the first payment.

Yes. There is no maximum for a regular RRIF; any amount above the minimum is simply more taxable income. Your financial institution withholds tax on amounts above the minimum, and the final tax is settled on your return.

From 65, RRIF withdrawals count as eligible pension income, and up to 50% can be allocated to a spouse or common-law partner on your tax returns. Before 65, RRIF income generally does not qualify, although registered pension plan life annuity income qualifies at any age. Try the pension income splitting tool.

Yes. RRIF withdrawals count as income for the OAS recovery tax, which applies at 15% above $95,323 of net income in 2026, and for the GIS income test. Large minimums later in life can push income higher, which is one reason people look at withdrawal timing. The OAS clawback tool shows the effect.

There is no single order that suits everyone. Common approaches draw first from non-registered savings, from a RRIF, or from a TFSA, or blend them to keep taxable income steady. The withdrawal order tool compares lifetime tax, clawback and estate value for different orders, and retirement withdrawal order explains the trade-offs.

An RRSP meltdown is the idea of drawing down RRSP or RRIF savings faster in lower-income years, often before CPP or OAS start, to reduce larger taxable withdrawals later. Whether it helps depends on your tax rates now and later and on benefits like OAS and GIS. See the RRSP meltdown strategy.

A Life Income Fund holds locked-in pension money, usually from a LIRA, and pays it out much like a RRIF with the same kind of annual minimum. Unlike a regular RRIF, a LIF also has a maximum annual withdrawal set by the pension legislation that governs it. Confirm the rules with your pension regulator or financial institution.

Yes. RRIF savings can be used to buy an annuity that pays a set income, for life or for a fixed period. That trades flexibility for predictability. Annuities in Canada explains the options.