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Financial Investment Education for Consumers in Canada

RRIF Withdrawal Schedule

Notification of your annual minimum and maximum RIF payments (also applies to LIF/LRIF) will be issued within the first 6 weeks of the new year. The minimum is based on the Market Value of the portfolio as of December 31 and includes accrued interest and any transactions processed in January with a value date of December 31.

A minimum annual payment is not available in the year the Plan opened. Any withdrawals made in the first year are subject to withholding tax.

It is the sole responsibility of the planholder to liquidate their holdings to meet their requested cash payment. Payments can also be made in the form of securities to a Direct Trading account.

The calculation of your annual minimum payment is based on the criteria for a Qualifying or Non-Qualifying RIF. You can find the complete RRIF minimum amount schedule on the CRA website.

Notes:

  • For ages below age 69, the "Qualifying" minimum payment fractions will continue to apply.
  • The formula (below) effectively defaults to the table grid (above) after the age of 78
  • *Age as of the beginning of the calendar year.

Example:

Here's how the minimum payout structure works under the "qualifying" rules:

"Qualifying" RRIF - Definition

  1. RRIF opened in the year 1992 or earlier having no funds or property in the plan in 1993 or later except funds or property from another "Qualifying" RRIF.
  2. RRIF opened in the year 1993 or later with funds or property directly transferred from another "Qualifying" RRIF.

 

Article updated: 29-Feb-12
Site Updated: 10-Sep-13
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