Start accessing your retirement income
The RRSP is designed for savings, but the RRIF lets you access retirement income from the money you have saved in your RRSP or spousal RRSP. In other words, the RRIF is a disbursement vehicle.
If you're almost 71 years old
The legal deadline for holding an RRSP or spousal RRSP is December 31 of the year you turn 71. From a fiscal perspective, the RRIF is a wise choice if you want to enjoy the money you've saved over the years, since it allows you to withdraw your money over time.
1 Withdrawal amounts
You must withdraw a minimum percentage of the total value of your savings each year, based on your age. It ranges from 5.28% (age 71) to 18.79% (age 94). As of your 95th birthday, you must withdraw 20%. That being said, you can always withdraw more than the minimum amount to finance a passion project, for instance.
2 Your spouse's age
Since the mandatory minimum withdrawal amount is based on age, you can request that the calculation be based on the age of the younger spouse (if you're married or in a civil union or common-law relationship). However, you should keep in mind that this decision can't be changed later.
3 Tax deductions
You can choose to pay tax on each withdrawal, or pay taxes once a year when you file your tax return. If you withdraw more than the minimum amount, a withholding tax rate of 20% to 30% will apply.
4 Withdrawal frequency
You have two options for withdrawing your money: annually or monthly (i.e., 12 withdrawals over the course of a year).
RRIF calculator: How much to withdraw each year?
Use our tool to better plan your retirement income.Estimate my RRIF withdrawals
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FlexiFonds mutual fund advisors are just a phone call away. They're ready to answer your questions and can help you find the best solution to meet your needs. They can also help you determine your investor profile and guide you through the decisions you'll need to make when opening your RRIF.
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