RRIF — Registered Retirement Income Fund
Last updated April 24, 2026 · By Evermore Private Wealth · Registered Account
RRIF — Registered Retirement Income Fund. A Registered Retirement Income Fund (RRIF) is the conversion vehicle for RRSP savings in retirement. By December 31 of the year you turn 71, the RRSP must be converted — typically to a RRIF, which then requires a minimum taxable withdrawal each year for the rest of your life. Investments inside the RRIF continue to grow tax-deferred.
Source: Income Tax Regulations, s. 7308
Source: CRA RRIF schedule
Source: CRA
How RRIF minimum withdrawals work
The minimum is a percentage of the January 1 account balance. The percentage rises every year — 5.28% at 71, 6.82% at 80, 11.92% at 90, and 20% from age 95 on. You may withdraw more than the minimum, but anything above triggers withholding tax (10% on amounts up to $5,000, 20% from $5,000–$15,000, 30% above that — Quebec rates differ).
The minimum payment itself has no withholding, but it is fully taxable when you file. RRIF income qualifies for the federal $2,000 pension income credit and pension-income splitting with a spouse from age 65 onward, which is one of the most valuable tax breaks in the Canadian retirement system.
Spousal age election
Your minimum withdrawal can be calculated using your spouse's age if they are younger. This election is made when the RRIF is opened and cannot be changed. For couples with a meaningful age gap, it can defer hundreds of thousands of dollars of taxable income across retirement.
What this means for HNW Canadian families
The biggest RRIF mistake we see is treating the minimum as the right amount to withdraw. For HNW clients with substantial non-registered assets, melting down the RRIF faster than the minimum — in years where taxable income is artificially low (gap years between retirement and CPP/OAS, for example) — frequently saves six figures of lifetime tax versus letting the RRIF balloon and then forcing high marginal-rate withdrawals at 75+. We model this against the OAS clawback threshold every year for clients in retirement.
Worked example — RRIF minimum at 71
A retiree converts a $1,000,000 RRSP to a RRIF on December 31 of the year they turn 71. On January 1 of the following year, the minimum withdrawal is 5.28% × $1,000,000 = $52,800. If their other income is $30,000, that pushes total taxable income to $82,800 — comfortably below the OAS clawback threshold of $93,454 (2026). Pulling more in this gap year would cost 15 cents on every dollar of clawback above the threshold.
Common Questions
When must I convert my RRSP to a RRIF?
The RRSP must be converted no later than December 31 of the year you turn 71. You can do it earlier, and many people do — the only firm rule is the deadline.
What is the RRIF minimum withdrawal at age 71?
The minimum at age 71 is 5.28% of the account balance on January 1 of that year. The percentage rises annually and reaches 20% from age 95 onward.
Is RRIF income eligible for pension splitting?
Yes. Once you turn 65, RRIF income qualifies for pension-income splitting with a spouse, allowing up to 50% of the income to be reported on the lower-earning spouse's return — a meaningful tax saving for couples with unequal retirement incomes.
Can I take more than the RRIF minimum?
Yes. There is no maximum withdrawal. Anything above the minimum is subject to withholding tax (10–30% federally) and is fully taxable when you file.
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