Canadian RRIF & LIF Minimum Withdrawal Calculator
Calculate mandatory annual minimum withdrawals from a RRIF or LIF based on CRA statutory age schedules and excess withholding taxes.
Calculate mandatory annual minimum withdrawals from a RRIF or LIF based on CRA statutory age schedules and excess withholding taxes.
Calculate mandatory annual minimum withdrawals from a RRIF or LIF based on CRA statutory age schedules and excess withholding taxes. Calculate exact, penny-accurate projections compliant with 2026 CRA • Bank of Canada standards using Calconova's deterministic IEEE-754 (Decimal.js) calculation engine with instant breakdowns.
Cannot be less than the mandatory minimum of $18,900.00.
Mandatory Annual Minimum Withdrawal
$18,900.00
Equal to $1,575.00/month (5.40% of portfolio)
Total Withdrawal
$18,900.00
Upfront Withholding Tax
$0.00
0% on mandatory minimum
5-Year Projection (Assuming 4% Annual Growth)
Age < 71: Minimum = Balance / (90 - Age)
Age 71 to 94: Minimum = Balance × CRA Prescribed Rate
Age 95+: Minimum = Balance × 20.00%The minimum withdrawal is calculated as a statutory percentage of your RRIF portfolio value on January 1 of that tax year. Rates start at 5.28% at age 71 and increase progressively to 20% at age 95.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, or legal advice. Actual CRA tax brackets, provincial taxes, Bank of Canada rates, and lender criteria may vary. Calconova explicitly disclaims all liability for any decisions taken based upon these calculations. Consult a qualified financial advisor or CPA prior to executing financial commitments.
By December 31 of the year you turn 71, Canadian tax law requires you to convert your RRSP into a Registered Retirement Income Fund (RRIF), purchase an annuity, or collapse the account as taxable cash. Your first mandatory minimum withdrawal begins the following year (age 72).
No. Financial institutions are not required to deduct withholding tax at source on the mandatory minimum withdrawal amount. However, if you withdraw more than the annual minimum, withholding tax (10% to 30%) is legally mandated on the excess amount.
Yes! When opening a RRIF, you can elect to base the minimum annual withdrawal percentage on the age of a younger spouse or common-law partner. This lowers the required annual minimum and allows your funds to stay tax-deferred longer.
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