Fiscal and Financial Planning Guide 2024-2025

Retirees > Registered Retirement Income Fund (RRIF)

The RRSP must be transferred to a RRIF no later than December 31st of the year in which the age of 71 is reached. The firsts mandatory withdrawals begin the following year at age 72 (note that the funds accumulated in the RRSP can also be used to acquire an annuity).

The following table shows the minimum withdrawals required according to age. There is no maximum withdrawal limit.

Amounts may be paid monthly or annually at the recipient’s option.

In order to reduce mandatory minimum withdrawals, it is possible to choose a spouse’s age when he or she is younger.

RRIF income can be split with a spouse starting at age 65.

Note that financial institutions do not have to withhold income tax at source on minimum withdrawals. However, it is generally recommended to ask the institution to voluntarily withhold an amount of tax in the range of 15% to 20% at each level of government (federal and Quebec) so that taxes are paid as RRIF payments are received and avoid a surprise on April 30.

Back