What is the minimum amount to withdraw from a RRIF?
Christopher Pierce
Updated on February 26, 2026
For example, if your RRIF is valued at $500,000 when you’re 72, at the start of the year your minimum annual payout will be $27,000 (5.40% of the value of the plan at the beginning of the year)….RRIF Minimum Withdrawal.
| Age At Start Of Year | RRIF Minimum Payout Percentage |
|---|---|
| 72 | 5.40% |
| 73 | 5.53% |
| 74 | 5.67% |
| 75 | 5.82% |
When can a RRIF be opened?
71
You can open a RRIF anytime, but no later than the end of the year you turn 71. You open a RRIF by transferring money from your RRSP. Transfers from other registered plans like pension plans and DPSPs are allowed under certain circumstances. Once the RRIF is set up, you can’t make any more contributions to the plan.
How much do you have to take out of a RIF?
The general rule is that when you receive annual payments from a RRIF in excess of the “minimum amount,” the RRIF carrier must withhold 10 per cent if the excess payment is up to $5,000, 20 per cent if the excess payment is between $5,000 and $15,000, and 30 per cent if the excess payment is more than $15,000.
What is the RRIF minimum for each year?
In simple terms, the RRIF minimum for each year is calculated by taking the fair market value (FMV) of your RRIF at the beginning of the year and multiplying it by the prescribed factor. However, note that in the year the RRIF is opened, the minimum is nil.
Is there a maximum amount you can withdraw from Rif?
You must withdraw a minimum amount each year While there is a minimum amount that you must draw from the RIF each year, there is no maximum. The amount required to be withdrawn each year is determined by the annual minimum percentage of the RIF that corresponds to your age and increases as you get older.
What is Emily’s RRIF minimum for 2020?
As a result of these new rules, Emily’s RRIF minimum for 2020 is reduced from $5,280 to $3,960 (her regular RRIF minimum of $5,280 x 75 per cent). So, what are your options?
How do I adjust my RRIF withdrawal amount?
If you haven’t already withdrawn more than the reduced RRIF minimum, you can instruct your RRIF carrier to adjust your total withdrawals to the reduced minimum amount or any amount up to and including the regular minimum amount.
