RRIF Payment Calculator

A Registered Retirement Income Fund (RRIF) is a plan designed to provide Canadians with a constant income flow through retirement. The property under a RRIF is created from a transfer of funds from an RRSP or another RRIF. The funds in a RRIF are tax-deferred. Amounts paid out of a RRIF are taxable on receipt.

It is mandatory that you convert all your RRSPs by December 31st in the year you turn 71. The latest you are allowed to take your first payment is December 31st in the year you turn 72, however, the payment must be at least the full annual minimum* amount.

Tax law stipulates that a minimum payment must be withdrawn from your RRIF each year and reported as income. *This minimum annual payment is taken from a schedule that is based on your age or the age of your spouse if younger.

For more information, including the factors used, please consult Canada Revenue Agency's website. Use this calculator to find out how much you may withdraw from your RRIF each year.

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This calculator, your use of it, and any results generated by it, are for illustrative purposes only and are not intended to provide specific financial, investment, tax, legal, accounting or other advice to you. You should not act or rely on the information provided without seeking the advice of a professional. Before you make an investment decision, we recommend that you consult with an investment professional who can help to ensure that your own circumstances have been properly considered and any action you take is based on the latest available information. Any forward looking results or projected returns presented by this calculator are only estimates and are based on assumptions that may turn out to be inaccurate or inapplicable. Actual results or returns may be materially different. The use of any historical rate of return should not be relied upon as past performance is not indicative of future performance. This is not an offer to sell or the solicitation of an offer to purchase or subscribe for any investment This calculator uses software under license from a third-party that is not a member of the HSBC Group.

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