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MINIMUM RRIF WITHDRAWALS

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A registered retirement income fund (RRIF) is an account registered with the federal government. You can convert your RRSP to a RRIF any time, as long as you do so by December 31 of the year you turn 71.

In the calendar year after you open a RRIF, you have to start withdrawing money from it. The minimum amount is based on your age and a percentage of the value of your RRIF on January 1.

The 2015 federal budget included new minimum RRIF withdrawals to allow seniors the option of keeping more of their savings in their RRIF accounts on a tax-deferred basis. The change also reflects Canadians’ longer lifespans.

AgeRRIF Factors
552.86%
562.94%
573.03%
583.13%
593.23%
603.33%
613.45%
623.57%
633.70%
643.85%
654.00%
664.17%
674.35%
684.55%
694.76%
705.00%
715.28%
725.40%
735.53%
745.67%
755.82%
AgeRRIF Factors
765.98%
776.17%
786.36%
796.58%
806.82%
817.08%
827.38%
837.71%
848.08%
858.51%
868.99%
879.55%
8810.21%
8910.99%
9011.92%
9113.06%
9214.49%
9316.34%
9418.79%
95+20.00%

For more information, please contact your MD Advisor.