When this number applies
The prescribed factors are set by regulation and rarely change. Each year's minimum applies the factor for your age to the RRIF's January 1 market value. You can elect a younger spouse's age when the RRIF is opened.
Before 71 the factor follows a formula, 1 divided by (90 minus your age), which is why converting early means smaller required withdrawals. From 71 the CRA schedule takes over and climbs every year, reaching 20% at 95 and staying there.
The minimum is a floor, not a ceiling: you can always withdraw more, with withholding tax on the excess. Every RRIF dollar is taxable income either way, which is how large balances walk retirees into the OAS clawback in their 80s.
| Age | Factor | Per $100,000 |
|---|---|---|
| 65 | 4.00% | $4,000 |
| 70 | 5.00% | $5,000 |
| 71 | 5.28% | $5,280 |
| 75 | 5.82% | $5,820 |
| 80 | 6.82% | $6,820 |
| 85 | 8.51% | $8,510 |
| 90 | 11.92% | $11,920 |
| 95 and over | 20.00% | $20,000 |
Quick questions
When do RRIF minimums start?
The year after the RRIF is opened. An RRSP must be converted (or cashed out, or annuitized) by December 31 of the year you turn 71, so the first mandatory withdrawal lands the year you turn 72 at the latest.
Is tax withheld on the minimum?
No withholding applies to the minimum itself, though it is still fully taxable on your return. Amounts above the minimum face withholding of 10% to 30% as a prepayment.
Can I lower my required minimums?
Two levers exist: electing a younger spouse's age when the RRIF is set up, and drawing the RRSP down before 71 so the balance the factors apply to is smaller. Each has trade-offs worth seeing in a full plan.