Once your RRSP converts to a Registered Retirement Income Fund (RRIF), the CRA requires you to withdraw a minimum amount every year — whether you need the cash or not. Missing this isn’t optional, and the percentage you’re required to take out climbs as you age. Here’s how the 2026 minimum is calculated, the current age-based rates, and what it means for your taxes.
What Is the RRIF Minimum Withdrawal
A RRIF is what an RRSP becomes once you decide to start drawing income from it, and the CRA requires a minimum annual withdrawal starting the year after the RRIF is opened. No minimum withdrawal is required in the calendar year the RRIF is first set up — the requirement kicks in the following year.
How the Minimum Is Calculated
The carrier of your RRIF calculates your required minimum by multiplying the fair market value (FMV) of the RRIF’s holdings as of January 1 of that year by a CRA-prescribed percentage factor. That factor is based on your age (or, if you elected it when the RRIF was set up, your spouse or common-law partner’s age).
2026 Minimum Withdrawal Rates by Age
The prescribed factor increases with age. Approximate 2026 minimum withdrawal percentages include:
- Age 71: 5.28%
- Age 72: 5.40%
- Age 75: 5.82%
- Age 80: 6.82%
- Age 85: 8.51%
- Age 90: 11.92%
- Age 95 and older: 20.00%
Under age 71 there is no table. The factor is 1 divided by (90 minus your age), which works out to 4.00% at age 65 and 5.00% at age 70. The percentages above are the CRA’s published factors for most RRIFs. The CRA also lists separate columns for some older RRIFs, so ask your carrier which one applies to you.
For example, at age 72 with a $500,000 RRIF balance on January 1, the required minimum withdrawal for the year would be about $27,000.
What the Minimum Looks Like in Dollars
Percentages are easy to misjudge, so here is the same calculation at three ages with a few January 1 balances. The balances are round numbers for comparison, not predictions for your account.
| RRIF balance on January 1 | Age 72 (5.40%) | Age 80 (6.82%) | Age 90 (11.92%) |
|---|---|---|---|
| $300,000 | $16,200 | $20,460 | $35,760 |
| $500,000 | $27,000 | $34,100 | $59,600 |
| $750,000 | $40,500 | $51,150 | $89,400 |
Because the carrier uses the January 1 value, a market drop later in the year does not change that year’s minimum. The percentage keeps climbing as you age, so the required income can rise even when the account itself is shrinking.
Tax Withholding Rules
No withholding tax is deducted at source on the minimum amount itself — but it still counts as taxable income when you file. If you withdraw more than the required minimum, the excess portion is subject to withholding tax. The rate depends on how big the excess is, and it applies to the whole excess rather than slice by slice (outside Quebec):
- 10% when the excess is $5,000 or less
- 20% when the excess is over $5,000 up to $15,000
- 30% when the excess is over $15,000
In Quebec, the federal rates are 5%, 10% and 15%, and Quebec income tax is withheld on top of that.
Here is how it plays out. Say you are 75, your RRIF held $400,000 on January 1, and you take the minimum plus one extra withdrawal so that you receive $35,000 for the year.
- Minimum: 5.82% × $400,000 = $23,280, with no tax withheld.
- Excess: $35,000 − $23,280 = $11,720, which falls in the 20% bracket.
- Withholding on the excess: 20% × $11,720 = $2,344.
All $35,000 is taxable income for the year. The $2,344 is only a prepayment, and Canada.ca notes that withheld tax may not cover what you owe at your tax bracket, so set a little aside for the difference.
Can You Reduce or Delay It
If your spouse or common-law partner is younger, you can elect to base the prescribed factor on their age instead of your own when the RRIF is set up, which lowers the required minimum percentage for every year going forward. This election has to be made when the RRIF is opened and generally can’t be changed later.
Here is what that election is worth. Say you are 75 with $400,000 in your RRIF and your spouse is 68.
- Using your age: 5.82% × $400,000 = $23,280.
- Using your spouse’s age: 1 ÷ (90 − 68) = 4.55%, and 4.55% × $400,000 = $18,200.
That is $5,080 less you are forced to take out and report as income that year, although you can always withdraw more if you want to. The catch is timing: the choice is made when the RRIF is opened, so raise it before you sign the paperwork.
Full CRA Factor Table, Ages 71 to 95 and Older
The list near the top shows only a few ages. Here is every age from 71 on, using the CRA’s “All other RRIFs” column, which the CRA says to use unless your RRIF meets the conditions for the separate “Qualifying RRIFs” column. That second column covers only ages 71 to 78 and differs from this one only at age 71 (5.26% instead of 5.28%). The last column shows the minimum on a $100,000 balance so you can scale it to your own account.
| Age on January 1 | Factor | Minimum on $100,000 |
|---|---|---|
| 71 | 5.28% | $5,280 |
| 72 | 5.40% | $5,400 |
| 73 | 5.53% | $5,530 |
| 74 | 5.67% | $5,670 |
| 75 | 5.82% | $5,820 |
| 76 | 5.98% | $5,980 |
| 77 | 6.17% | $6,170 |
| 78 | 6.36% | $6,360 |
| 79 | 6.58% | $6,580 |
| 80 | 6.82% | $6,820 |
| 81 | 7.08% | $7,080 |
| 82 | 7.38% | $7,380 |
| 83 | 7.71% | $7,710 |
| 84 | 8.08% | $8,080 |
| 85 | 8.51% | $8,510 |
| 86 | 8.99% | $8,990 |
| 87 | 9.55% | $9,550 |
| 88 | 10.21% | $10,210 |
| 89 | 10.99% | $10,990 |
| 90 | 11.92% | $11,920 |
| 91 | 13.06% | $13,060 |
| 92 | 14.49% | $14,490 |
| 93 | 16.34% | $16,340 |
| 94 | 18.79% | $18,790 |
| 95 or older | 20.00% | $20,000 |
The age that counts is your age at the start of the year (or your spouse’s, if you chose that when the RRIF was opened). Because the table is a published schedule, your carrier should give you the same number if you do the math yourself, and that is a quick way to catch a mistake.
Which Situation Are You In?
- You are under 71 and still hold an RRSP. You do not have to move to a RRIF yet. Converting early is a choice, and the formula 1 divided by (90 minus your age) applies if you do. Many sources say an RRSP must be closed out by December 31 of the year you turn 71, so check that date with your carrier.
- You opened your RRIF this year. No minimum is required for the current year. The first required withdrawal is the next calendar year, based on your January 1 balance.
- Your spouse is younger. Compare the two factors in the example above. The election is made when the RRIF is opened, so it is a conversation to have before you sign.
- You do not need the income. Take only the minimum. Anything above it is subject to withholding tax, and the money is still reported as income either way.
- You are near an income-tested benefit. RRIF withdrawals raise your net income, which can reduce Guaranteed Income Supplement and trigger the Old Age Security recovery tax at higher incomes. Run the numbers before you take extra.
Pension Credit and Income Splitting
At 65 or older, RRIF payments generally qualify as pension income. That can open up two things worth asking a tax preparer about. The federal pension income amount is a non-refundable credit on up to $2,000 of eligible pension income. Pension income splitting lets you allocate up to half of your eligible pension income to a spouse or common-law partner on your tax return.
A quick example: if your minimum is $23,280, you could allocate up to $11,640 of it to a spouse who has a lower income, which may lower the combined tax. The result depends on both incomes, so treat it as a conversation starter and not a promise. A RRSP withdrawal that has not been converted to a RRIF generally does not qualify for splitting, which is one reason some people convert at 65.
FAQ
Do I have to withdraw the minimum even if I don’t need the money?
Yes. The minimum withdrawal is mandatory once it applies, regardless of your personal cash-flow needs — you can always reinvest the after-tax amount elsewhere if you don’t need to spend it.
What happens if I withdraw less than the minimum?
The RRIF carrier is required to pay out at least the minimum amount for the year, so in practice you can’t simply choose to withdraw less than what’s required.
Related: Already Getting OAS? You Might Be Missing This Extra Monthly Payment (RRIF payments are taxable income, which is what income-tested benefits look at) and $838.75 a Month: What Canadians 75 and Older Now Get From OAS
This article is for general informational purposes and is not tax or financial advice. Prescribed factors and tax rules can change — always confirm current amounts on Canada.ca or with a qualified tax professional before making withdrawal decisions.