How much do I have to take out of my RRIF this year?
A set percentage of your RRIF's value on January 1. Before 71 it's 1 ÷ (90 − your age). From 71 it follows a government table: 5.28% at 71, rising each year to 20% at 95 and over. The minimum is taxed as income.
The minimum withdrawal table
Prescribed percentages for ages 71 and over. Before 71, the formula is 1 ÷ (90 − age).
Common questions
Can I take out more than the minimum?
Yes. The minimum is a floor, not a ceiling. Anything above it has tax withheld at source; the minimum itself doesn't.
Can I use my spouse's age?
Yes, if you choose it when the RRIF is set up. Basing the minimum on a younger spouse's or common-law partner's age lowers the percentage, which leaves more in the account for longer.
When does the first minimum come out?
No minimum applies in the year you open the RRIF. The first one is the following year, based on the January 1 value.
Did Budget 2026 change this?
Not the minimums. Budget 2026 proposed an "RRSP for life" that would remove the need to convert at 71, and said minimum withdrawals after 71 wouldn't change. It's a consultation proposal, not law, so today's rules still apply. Source: Budget 2026, Chapter 6, Government of Canada, November 5, 2026.
Which account should I draw from first?
That's the real question, and it depends on your OAS, your other income, your spouse and what you want to leave behind. The order is usually the bigger question. It's what the first conversation is for.
The income switch is a sequence, not a date.
Which account first, what it does to OAS, and how the tax falls across the years. Thirty minutes is enough to see where you stand.
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Get a quick quote →Illustrative arithmetic only, based on prescribed RRIF minimum factors. Verify current factors before relying on any figure, as rates are set by legislation and can change. Educational only. Not tax, legal, or investment advice. Confirm with your accountant before acting. Pension income splitting and other elections can change the answer. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Wealth Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through David Creighton, Lindsay Smith, John Creighton, Matthew Smith, Darroll Powe, and Creighton Financial Group.