Once you convert your RRSP to a RRIF, the CRA requires you to withdraw a minimum amount each year. The percentage increases as you age — from 5.28% at 71 to 20% at 95+. This calculator shows your required minimums and projects how your balance declines over time.
The mandatory RRSP-to-RRIF conversion deadline is December 31 of the year you turn 71. Many retirees convert earlier — if you retire at 60 and need income, a RRIF gives you structured withdrawals. But there's no tax advantage to converting early; the minimum withdrawal rules start the year after conversion regardless. Pair this with CPP and OAS timing for a full retirement income picture.
If your spouse is significantly younger, electing their age for the minimum calculation can meaningfully reduce forced withdrawals. On a $500,000 RRIF, using age 65 (4.00%) instead of age 72 (5.40%) saves you $7,000/year in forced taxable income.
Withdrawals above the minimum are subject to withholding tax at source. Consider withdrawing just the minimum if you don't need the cash — every dollar left in the RRIF continues to grow tax-sheltered, and excess can be moved into a TFSA.
Reviewed April 2026 · CRA prescribed minimum percentages