RRIF Withdrawals

Under the law, by age 71, Canadians must convert their Registered Retirement Savings Plan (RRSP) into a Registered Retirement Income Fund (RRIF) or an annuity.

The Canada Revenue Agency (CRA) requires that you take at least a minimum amount out of your RRIF each year (see table, below), though you may withdraw more than the minimum if you wish to. The minimum withdrawal amount is calculated based on the value of the assets in the plan on January 1st of each year.

Note that the 2015 federal budget reduced the minimum withdrawal amount that retirees are required to make from their RRIFs. Canadian seniors are now living longer and this is why this change was made.

RRIF Minimum Withdrawal Percentage Rates

Age
(at start of year)
New Factor (%)
2015 and later
Previous Factor (%)
1992 to 2015
Previous Factor (%)
pre 1992
60 3.33% 3.33% 3.33%
61 3.45% 3.45% 3.45%
62 3.57% 3.57% 3.57%
63 3.70% 3.70% 3.70%
64 3.85% 3.85% 3.85%
65 4.00% 4.00% 4.00%
66 4.17% 4.17% 4.17%
67 4.35% 4.35% 4.35%
68 4.55% 4.55% 4.55%
69 4.76% 4.76% 4.76%
70 5.00% 5.00% 5.00%
71 5.28% 7.38% 5.26%
72 5.40% 7.48% 5.56%
73 5.53% 7.59% 5.88%
74 5.67% 7.71% 6.25%
75 5.82% 7.85% 6.67%
76 5.98% 7.99% 7.14%
77 6.17% 8.15% 7.69%
78 6.36% 8.33% 8.33%
79 6.58% 8.53% 8.53%
80 6.82% 8.75% 8.75%
81 7.08% 8.99% 8.99%
82 7.38% 9.27% 9.27%
83 7.71% 9.58% 9.58%
84 8.08% 9.93% 9.93%
85 8.51% 10.33% 10.33%
86 8.99% 10.79% 10.79%
87 9.55% 11.33% 11.33%
88 10.21% 11.96% 11.96%
89 10.99% 12.71% 12.71%
90 11.92% 13.62% 13.62%
91 13.06% 14.73% 14.73%
92 14.49% 16.12% 16.12%
93 16.34% 17.92% 17.92%
94+ 18.79% 20.00% 20.00%
95 & over 20.00% 20.00% 20.00%