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Retirement Income Fund
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Eligibility
RRIF is designed for Canadians to transfer their RRSP into a platform that can provide them with continued growth earnings while they withdraw the amount they need from the account. You need to:
- Be a Canadian resident
- Have an RRSP Account to be Eligible for Transfer
Investment Option
- Daily interest Account
- Guaranteed Interest Fund
- Segregated Funds
Withdrawal rules
| Age on January 1 | Minimum amount (up to December 31, 2014) | Minimum amount (as of January 1, 2015)* |
| 70 and under | Calculated as 1/(90 – age)
For example, at age 65: | Calculated as 1/(90 – age)
For example, at age 65: |
| 71 | 7.38% | 5.28% |
| 72 | 7.48% | 5.40% |
| 73 | 7.59% | 5.53% |
| 74 | 7.71% | 5.67% |
| 75 | 7.85% | 5.82% |
| 76 | 7.99% | 5.98% |
| 77 | 8.15% | 6.17% |
| 78 | 8.33% | 6.36% |
| 79 | 8.53% | 6.58% |
| 80 | 8.75% | 6.82% |
| 81 | 8.99% | 7.08% |
| 82 | 9.27% | 7.38% |
| 83 | 9.58% | 7.71% |
| 84 | 9.93% | 8.08% |
| 85 | 10.33% | 8.51% |
| 86 | 10.79% | 8.99% |
| 87 | 11.33% | 9.55% |
| 88 | 11.96% | 10.21% |
| 89 | 12.71% | 10.99% |
| 90 | 13.62% | 11.92% |
| 91 | 14.73% | 13.06% |
| 92 | 16.12% | 14.49% |
| 93 | 17.92% | 16.34% |
| 94 | 20.00% | 18.79% |
| 95+ | 20.00% | 20.00% |
Withholding Tax Rates
There is no maximum withdrawal limit toward your RRIF, however, there are important tax considerations that apply when withdrawing from RRIF account.
Here’s how it works:
- All withdrawals are fully taxable.
- If the withdrawn amount is more than the minimum amount, withholding tax will be applied on the excess amount. Typically, the financial institution will hold back an amount, based on the withholding tax rates, and pay it directly to the government on your behalf.
Withholding tax rates
| Amount in excess of the minimum amount | Withholding tax rate (except in Quebec) |
| Up to $5,000 | 10% |
| Between $5,000 and $15,000 | 20% |
| More than $15,000 | 30% |
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