📚 Account Guide

RRIF — Registered Retirement Income Fund

The RRIF is the natural successor to the RRSP. You must convert by age 71 and begin drawing down your retirement savings — here's exactly how it works.

• Updated May 2026• 🇨🇦 Canada only• 7 min read

TFSA RRSP FHSA RESP RRIF Non-Reg.

Age 71

Conversion deadline

Dec 31 of that year

5.28%

Min. withdrawal at 71

of RRIF balance

None

Contributions allowed

Draw-down only

RRSP → RRIF: How the Conversion Works

When you convert your RRSP to a RRIF, nothing actually changes about your investments — the account type simply changes. Your ETFs, stocks, and bonds stay exactly where they are. The difference is that you can no longer contribute, and you must withdraw a minimum amount each year starting the year after conversion.

The minimum withdrawal is a percentage of your RRIF balance on January 1 each year, and that percentage increases with age (see table below). You can always withdraw more than the minimum — but not less.

Tax tip: RRIF withdrawals are taxable income. If your withdrawals push you into OAS clawback territory (income over ~$90,000 in 2026), consider converting earlier and withdrawing gradually at a lower tax rate before OAS begins.

Mandatory Minimum Withdrawal Rates (2026)

Calculated on January 1 RRIF balance each year.

Age 65

4.00%

Age 66

4.17%

Age 67

4.35%

Age 68

4.55%

Age 69

4.76%

Age 70

5.00%

Age 71

5.28%

Age 72

5.40%

Age 73

5.53%

Age 74

5.67%

Age 75

5.82%

Age 76

5.98%

Age 77

6.17%

Age 78

6.36%

Age 79

6.58%

Age 80

6.82%

Age 85

8.51%

Age 90

11.92%

Age 95

20.00%

Rates shown are selected ages. The full CRA table covers every age from 65–95+. Source: CRA 2026.

Smart RRIF Strategies

👫

Use your spouse's age

If your spouse is younger, elect to base withdrawals on their age. Lower rates mean less mandatory withdrawal and more time for tax-sheltered growth.

📅

Convert early if in a low-income year

You can convert RRSP → RRIF any time before 71. If you retire early with low income, drawing down before CPP/OAS starts may reduce lifetime tax.

💳

Use TFSA as a top-up buffer

Withdraw RRIF minimums, then transfer surplus into your TFSA (if you have room). Future growth and withdrawals from the TFSA are completely tax-free.

📊

Keep equities in the RRIF longer

Since RRIF balances are fully taxed on death, higher-growth assets inside the RRIF mean more compounding before the tax hit. Hold bonds in taxable accounts if possible.

Frequently Asked Questions

When must I convert my RRSP to a RRIF?▾

You must convert your RRSP to a RRIF (or annuity) by December 31 of the year you turn 71. You can convert earlier if you choose — for example, to start receiving retirement income before 71.

Can I still contribute to a RRIF?▾

No — you cannot make new contributions to a RRIF. Your RRSP is converted to a RRIF and then you draw it down. If you still have earned income under 71, you can contribute to a spousal RRSP instead.

Are RRIF withdrawals taxable?▾

Yes — every dollar withdrawn from a RRIF is added to your taxable income for that year, just like RRSP withdrawals. Your financial institution will withhold tax at source (unless you withdraw only the minimum amount, which has no withholding tax), and you'll report the full amount on your tax return.

What happens if I take out more than the minimum?▾

You can withdraw any amount above the minimum at any time. Additional withdrawals above the minimum are subject to withholding tax (10–30% depending on amount). All withdrawals are included in your taxable income for the year.

Can I use my younger spouse's age for RRIF withdrawals?▾

Yes — and this is a smart tax strategy. You can elect to base your minimum RRIF withdrawals on your younger spouse's age. Since younger ages have lower mandatory withdrawal rates, this lets you defer more of your RRIF and keep more money growing tax-sheltered.

What investments can I hold in a RRIF?▾

A RRIF can hold the same investments as an RRSP: stocks, ETFs, bonds, GICs, mutual funds, and cash. You don't have to change your investment holdings when converting — the RRSP simply becomes a RRIF with the same portfolio.

Related Calculators

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