When do I have to convert my RRSP?

By December 31 of the year you turn 71. You can convert earlier if you want — the only difference is that minimum withdrawals start once the account is a RRIF. There's no required minimum withdrawal in the year you OPEN the RRIF, but every year after you must take at least the minimum.

What's the rate at common ages?

Age 65: 4.00%, age 71: 5.28%, age 75: 5.82%, age 80: 6.82%, age 85: 8.51%, age 90: 11.92%, age 95+: 20.00%. The percentage applies to the January 1 balance.

Can I take more than the minimum?

Yes. You can withdraw any amount above the minimum. Anything above is subject to standard withholding tax (10% on first $5,000 above min, 20% on $5,000–$15,000 above, 30% above $15,000 above). The minimum itself has zero mandatory withholding (you owe regular income tax on your return).

Can I use my younger spouse's age?

Yes — when you open the RRIF you can elect to use your spouse's age (if younger) for the minimum-withdrawal calculation. This locks in lower minimums for life. Many couples use this to delay drawdown and reduce OAS clawback exposure.

What if I have multiple RRIFs?

Calculate the minimum for each RRIF separately. You must withdraw at least each one's minimum from that specific account — you can't pool. The actual amount you take ABOVE the minimum is flexible.

RRIF Minimum Withdrawal Calculator

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Free RRIF minimum withdrawal calculator. RRSPs convert to RRIFs by Dec 31 of the year you turn 71, after which CRA mandates an annual minimum withdrawal that increases with age (4.00% at 65 → 20% at 95+). This tool computes your minimum based on your age at the START of the year and your RRIF balance on January 1.

Age at start of year

RRIF balance Jan 1 (CAD)

RRIF minimum · Pre-71: 1/(90−age) · 71+: CRA prescribed table · 95+: 20%

No mandatory withholding on the minimum · withdrawals above min taxed at marginal rate

Annual minimum withdrawal

$27,000

5.40% of balance

Monthly$2,250

Quarterly$6,750

CRA RRIF minimum % by age (selected ages)

Age	Min %	On $500,000
65	4.00%	$20,000
70	5.00%	$25,000
71	5.28%	$26,400
75	5.82%	$29,100
80	6.82%	$34,100
85	8.51%	$42,550
90	11.92%	$59,600
95	20.00%	$100,000

Disclaimer: For informational purposes only. This is not financial, tax, or legal advice — consult a licensed professional before making decisions.

Frequently Asked Questions

References

RRIF minimum withdrawal factors — Canada Revenue Agency

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References and sources

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