A Registered Retirement Income Fund (RRIF) is the natural successor to your RRSP. You must convert your RRSP to a RRIF by December 31 of the year you turn 71. Here’s how minimum withdrawals, taxes, and strategies work.

RRSP to RRIF Conversion

Deadline	Rule
Convert by	December 31 of the year you turn 71
First withdrawal	By December 31 of the year after conversion (or sooner)
Can convert earlier	Yes — any time before 71
Alternatives	Lump-sum withdrawal (fully taxed), buy an annuity

RRIF Minimum Withdrawal Percentages

Age at Jan 1	Minimum % of Balance
65	4.00%
66	4.17%
67	4.35%
68	4.55%
69	4.76%
70	5.00%
71	5.28%
72	5.40%
73	5.53%
74	5.67%
75	5.82%
76	5.98%
77	6.17%
78	6.36%
79	6.58%
80	6.82%
81	7.08%
82	7.38%
83	7.71%
84	8.08%
85	8.51%
86	8.99%
87	9.55%
88	10.21%
89	10.99%
90	11.92%
91	13.06%
92	14.49%
93	16.34%
94	18.79%
95+	20.00%

Minimum Withdrawal Amounts

For different RRIF balances at key ages:

RRIF Balance	Age 72 (5.40%)	Age 75 (5.82%)	Age 80 (6.82%)	Age 85 (8.51%)	Age 90 (11.92%)
$200,000	$10,800	$11,640	$13,640	$17,020	$23,840
$300,000	$16,200	$17,460	$20,460	$25,530	$35,760
$400,000	$21,600	$23,280	$27,280	$34,040	$47,680
$500,000	$27,000	$29,100	$34,100	$42,550	$59,600
$750,000	$40,500	$43,650	$51,150	$63,825	$89,400
$1,000,000	$54,000	$58,200	$68,200	$85,100	$119,200

How RRIF Withdrawals Are Taxed

All RRIF withdrawals are fully taxable as regular income:

Total Annual Income (including RRIF)	Federal Tax Rate	Combined Rate (approx.)
Up to $57,375	15%	20–28%
$57,376 – $114,750	20.5%	28–37%
$114,751 – $158,468	26%	37–43%
$158,469 – $220,000	29%	43–48%
Over $220,000	33%	48–54%

Withholding Tax on RRIF Withdrawals

Amount Over Minimum	Withholding Rate (non-Quebec)	Withholding Rate (Quebec)
Minimum withdrawal	0% (no withholding)	0%
Up to $5,000 over minimum	10%	5% + 14% provincial
$5,001 – $15,000 over minimum	20%	10% + 14% provincial
Over $15,000 above minimum	30%	15% + 14% provincial

⚠️ No withholding on minimum withdrawals doesn’t mean no tax — you’ll owe tax when you file your return.

RRIF Depletion Projections

How long will your RRIF last? Assuming minimum withdrawals and various return rates:

$500,000 RRIF Starting at Age 72

Return Rate	Balance at 80	Balance at 85	Balance at 90	Depleted By
0% (no growth)	$318,000	$210,000	$110,000	Age 97
3%	$368,000	$271,000	$169,000	Never fully
5%	$410,000	$332,000	$236,000	Never fully
7%	$456,000	$406,000	$330,000	Never fully

At moderate returns, the RRIF can grow faster than minimum withdrawals until the minimum % gets large in the late 80s.

$300,000 RRIF Starting at Age 72

Return Rate	Balance at 80	Balance at 85	Balance at 90
0%	$191,000	$126,000	$66,000
3%	$221,000	$163,000	$101,000
5%	$246,000	$199,000	$142,000
7%	$274,000	$244,000	$198,000

Tax Strategies for RRIFs

1. Use Your Younger Spouse’s Age

If your spouse is younger, you can base minimum withdrawals on their age:

Your Age	Spouse’s Age	Your Minimum %	Spouse’s Minimum %	Savings
75	70	5.82%	5.00%	14% less withdrawn
80	75	6.82%	5.82%	15% less withdrawn
85	80	8.51%	6.82%	20% less withdrawn

This keeps more money growing tax-deferred.

2. Convert RRSP to RRIF Before 71

Strategy	Benefit
Convert at 65	Start pension income tax credit ($2,000)
Convert at 65	Enable pension income splitting with spouse
Withdraw in low-income years	Pay less tax than forced withdrawals later

3. Pension Income Splitting

Without Splitting	With Splitting
You: $70,000 RRIF income	You: $35,000
Spouse: $20,000 income	Spouse: $55,000
Higher combined tax bracket	More even income → lower combined tax

Up to 50% of eligible pension income (RRIF at 65+) can be split with your spouse.

4. Manage OAS Clawback

Strategy	Detail
Keep total income under ~$91,000	Avoid OAS clawback (15% above threshold)
Draw down RRSP/RRIF earlier	Reduce future forced withdrawals
Withdraw extra in low-income years	Smooth income over retirement

5. Withdraw More Than Minimum When Tax-Efficient

Scenario	Action
Low-income year (e.g., 65-71)	Withdraw extra, contribute surplus to TFSA
Income under $57,375	Stay in lowest federal bracket
Large RRIF balance	Melt it down before forced large withdrawals

RRIF at Death

Beneficiary	Tax Treatment
Spouse/common-law partner	Rolls to their RRSP/RRIF tax-free
Financially dependent child/grandchild	Can transfer to their RRSP or buy annuity
Anyone else	Full remaining balance taxed on your final return

Tax on a $500,000 RRIF at Death (Non-Spouse Beneficiary)

Province	Approximate Tax on $500K
Ontario	~$210,000
Quebec	~$220,000
British Columbia	~$205,000
Alberta	~$200,000

Up to 40-44% of your RRIF can be lost to tax on your final return if not left to a spouse.

RRIF vs Annuity

Feature	RRIF	Annuity
Control	Full control of investments	No control (insurance company manages)
Flexibility	Withdraw more or less (above minimum)	Fixed payment
Longevity risk	Can run out	Guaranteed for life
Growth potential	Depends on investments	None (fixed)
Estate value	Remaining balance goes to estate	Usually nothing on death
Inflation protection	Can adjust withdrawals	Usually not (unless indexed)

Key Takeaways

Convert RRSP to RRIF by December 31 of the year you turn 71
Minimum withdrawals start at ~5.28% (age 71) and rise to 20% (age 95+)
All withdrawals are fully taxable as regular income
Use your younger spouse’s age to reduce minimum withdrawals
Convert at 65 to access the pension income tax credit ($2,000) and income splitting
A $500K RRIF at 5% returns can last well beyond age 90 with minimum withdrawals
Remaining RRIF is taxed at death unless left to a spouse — consider drawing it down
Withdraw extra in low-income years and put the surplus in your TFSA to smooth lifetime taxes

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RRIF Guide: Rules, Minimum Withdrawals & Tax Strategies (2026)

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