Balance remaining & annual withdrawal — full drawdown
Balance remaining (left axis)
Annual withdrawal (right axis)
Hover over the chart to see exact balance and withdrawal for any age. Change the portfolio return input above to model different growth scenarios.
Year-by-year minimum withdrawal — full schedule
| Year |
Age |
Rate |
Balance (Jan 1) |
Min. withdrawal |
Scroll to see all years. The highlighted row is the current year; the final row shows the last withdrawal before the account reaches $0.
CRA minimum rates by age (55 – 95)
Ages 55–70 use the formula 1 ÷ (90 − age). From age 71 onward, CRA prescribes fixed statutory rates rising to 20% at age 95.
You must convert your RRSP to a RRIF (or purchase an annuity) by December 31 of the year you turn 71. CRA will deregister any RRSP that remains open past that date, triggering a full inclusion of the balance in your taxable income for that year — a potentially large and irreversible tax hit. Contact your financial institution well before year-end, as the conversion process can take several weeks. Your first mandatory RRIF withdrawal is then due by December 31 of the following year.
Your first mandatory RRIF withdrawal must occur by December 31 of the calendar year after you convert your RRSP to a RRIF. After that, withdrawals must occur every year. There is no maximum — only a minimum set by CRA.
If your spouse or common-law partner is younger, you may elect to base the minimum withdrawal on their age. This results in a lower required minimum each year and can help preserve capital. The election must be made before the first withdrawal is taken from that RRIF and cannot be reversed.
No withholding tax applies to the annual minimum required amount. Withdrawals above the minimum are subject to withholding: 10% on amounts up to $5,000, 20% on $5,001–$15,000, and 30% over $15,000. Quebec residents are subject to different rates. All amounts are added to your taxable income for the year.
Withdrawals from a spousal RRIF may be attributed back to the contributing spouse if contributions were made in the current year or the two preceding years. The amount attributed equals the lesser of the withdrawal or the contributions made. After 3 full calendar years with no contributions, income is taxed entirely in the annuitant's hands.
With a surviving spouse or common-law partner
If you name your spouse as a successor annuitant in your RRIF contract, the RRIF simply continues in their name — no tax is triggered at death, withdrawals carry on at the same minimum rates based on their age, and the funds remain sheltered. Alternatively, your spouse can be named as a beneficiary and roll the RRIF proceeds into their own RRIF or RRSP tax-free (if they have RRSP room). Either route defers tax until they withdraw. Successor annuitant is generally simpler and faster — no estate involvement required.
Without a surviving spouse (or if no beneficiary is named)
The entire fair market value of the RRIF on the date of death is included as income on your final tax return for that year. This can push the estate into the highest marginal tax bracket. If you named a financially dependent child or grandchild as beneficiary, they may be able to roll the proceeds into their own RRSP or purchase an annuity, partially deferring tax. Otherwise the estate pays full tax on the balance before any remaining amount passes to heirs. Naming a beneficiary directly in the RRIF contract (rather than through your will) also helps the funds bypass probate.
CRA confirmed no changes to RRIF minimum withdrawal factors for 2025. Rates remain as prescribed in Schedule III of the Income Tax Regulations. Always confirm with your financial institution, especially if you hold a spousal RRIF or made contributions recently.