RRIF & RRSP Withdrawal Calculator — Canada

Calculate the legal RRIF minimum, the source tax withheld from excess RRIF or RRSP withdrawals, the cash you receive, and how long the account may last.

Published by GrowThenDraw Editorial Team · Editorial policy · Methodology & sources

Your registered plan

Account type Opening account balance ($)

For a RRIF, use the fair market value at the start of the year.

Your age at the start of this year Age used for the RRIF minimum

Use your age, or the spouse/partner age irrevocably elected when this RRIF was opened.

This is the calendar year the RRIF was established No statutory minimum applies in the setup year; any payment is excess. Planned gross withdrawal per year ($)

The calculator raises a RRIF withdrawal to the legal minimum when needed.

Where the plan is held

Outside Quebec, the federal rate follows the total elected annual excess. Quebec mode uses Revenu Québec's published single-payment rate; actual periodic deductions can use its usual source-deduction method.

Annual withdrawal increase (%)

Use an inflation assumption if you want planned cash to rise.

Expected annual return (%)

Editable planning assumption, not a forecast.

Fund and account fees (%) Projection horizon (years)

Cash received per month, year 1

$2,470

Account runs out in year 22

Year 1 statutory minimum

$26,400

Year 1 withholding base

$3,600

Year 1 tax withheld

$360

Ending balance

$30,000 is taxable income. $360 is source tax withheld at 10% on the excess; it is not the final tax bill.

Registered-plan balanceAccount runs out

Cash receivedTax withheldStill invested

Year / age	Statutory minimum	Gross withdrawal	Tax withheld	Cash received	End balance
1 / 71	$26,400	$30,000	$360	$29,640	$492,229
2 / 72	$26,580	$30,600	$402	$30,198	$483,485
3 / 73	$26,737	$31,212	$448	$30,764	$473,713
4 / 74	$26,860	$31,836	$498	$31,339	$462,852
5 / 75	$26,938	$32,473	$1,107	$31,366	$450,840
6 / 76	$26,960	$33,122	$1,232	$31,890	$437,611
7 / 77	$27,001	$33,785	$1,357	$32,428	$423,095
8 / 78	$26,909	$34,461	$1,510	$32,950	$407,219
9 / 79	$26,795	$35,150	$1,671	$33,479	$389,909
10 / 80	$26,592	$35,853	$1,852	$34,001	$371,082
11 / 81	$26,273	$36,570	$2,059	$34,510	$350,656
12 / 82	$25,878	$37,301	$2,285	$35,017	$328,542
13 / 83	$25,331	$38,047	$2,543	$35,504	$304,648
14 / 84	$24,616	$38,808	$2,839	$35,970	$278,876
15 / 85	$23,732	$39,584	$4,756	$34,829	$251,125
16 / 86	$22,576	$40,376	$5,340	$35,036	$221,287
17 / 87	$21,133	$41,184	$6,015	$35,168	$189,252
18 / 88	$19,323	$42,007	$6,805	$35,202	$154,901
19 / 89	$17,024	$42,847	$7,747	$35,100	$118,110
20 / 90	$14,079	$43,704	$8,888	$34,817	$78,752
21 / 91	$10,285	$44,578	$10,288	$34,290	$36,690
22 / 92	$5,316	$37,301	$9,595	$27,706	$0

What this Canadian RRIF calculator actually calculates

For a regular post-1992 RRIF, the yearly minimum is the account value at the start of the year multiplied by the prescribed factor for the age selected when the RRIF was opened. The calculator increases that age each year and recalculates the minimum from the new opening balance. If your planned withdrawal is lower, the projection raises it to the statutory minimum.

You can switch to RRSP mode for a withdrawal before conversion to a RRIF. RRSP withdrawals have no annual minimum, so the full cash withdrawal is normally subject to lump-sum withholding. Home Buyers’ Plan, Lifelong Learning Plan, direct transfers and approved refunds of unused contributions follow different rules and are outside this projection.

Withholding tax is not your final tax bill

Outside Quebec, the institution normally withholds 10% on a taxable lump-sum amount up to $5,000, 20% above $5,000 through $15,000, and 30% above $15,000. In Quebec, the federal rates are 5%, 10% and 15%, and Revenu Québec generally requires a separate 14% deduction on a single RRSP payment or the excess part of a RRIF payment.

The whole gross RRSP or RRIF withdrawal is generally taxable income, including the RRIF minimum even though no tax is withheld from that minimum. The amount withheld is a credit on your return. Your actual tax depends on all income, deductions, credits, age, province of residence and possible benefit clawbacks, so this page deliberately labels the result as cash-flow withholding rather than final income tax.

Why monthly payments do not automatically mean a lower rate

When monthly RRIF payments fulfil one annual request, the CRA bases the withholding rate on the total elected amount above the yearly minimum, not on each smaller monthly instalment. This calculator follows that aggregate-request treatment. A separate additional request during the year can be treated separately by the institution.

Longevity is a scenario, not a promise

The balance projection spreads the annual withdrawal across twelve months and applies the smooth return and fee assumptions you enter. Real investments do not earn a steady monthly return. Poor early returns, inflation, changing withdrawals and fees can shorten the life of the account, so compare several conservative scenarios.

Understand the rules before choosing a payment

Our CRA-sourced guide explains prescribed factors, the first RRIF year, spouse-age elections, monthly instalments, Quebec deductions and why withholding is not your final tax bill.

Read the Canadian RRIF minimum withdrawal guide

Frequently asked questions

How is the RRIF minimum withdrawal calculated?

For an ordinary post-1992 RRIF, multiply the fair market value at the start of the year by the prescribed factor for the annuitant’s age, or an elected spouse or common-law partner’s age. At age 71 the factor is 5.28%; it rises with age and reaches 20% at age 95 or older.

Is tax withheld from the RRIF minimum?

No source deduction is normally required on the statutory minimum. The gross minimum is still taxable income and may create tax payable when you file. Withholding normally applies to the amount requested above the minimum.

What are the RRSP withdrawal withholding rates?

For Canadian residents outside Quebec, the federal source rates are 10% up to $5,000, 20% above $5,000 through $15,000, and 30% above $15,000. Quebec uses federal rates of 5%, 10% and 15% plus a separate Quebec deduction that this calculator models at 14%.

Does splitting a withdrawal into monthly payments reduce withholding?

Not when the instalments fulfil one annual request. The CRA’s position is that the rate is based on the total elected excess for the year. A genuinely separate later request can be treated separately.

Why can I use my spouse’s age?

When a RRIF is established, the annuitant can elect to use a spouse or common-law partner’s age for the prescribed factor. That election generally cannot be changed for that RRIF. Enter the age actually elected in your plan documents.

What is outside this calculator?

Final federal and provincial income tax, tax credits and deductions, OAS or GIS recovery, pension-income splitting, legacy pre-1993 RRIF factors, locked-in account maximums, non-resident withholding, HBP and LLP withdrawals, direct transfers, spousal-plan attribution and irregular separate withdrawal requests.

Rules verified 23 July 2026 against official sources:

Educational projection only, not financial, retirement or tax advice. Confirm actual minimums, payment elections and deductions with your institution and a qualified Canadian tax professional.