Advertisement
How much can you take from your RRIF in 2024? That depends on your age. Check the rate for you in the downloadable withdrawal chart.
The minimum age at which you can convert a registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table below includes the minimum withdrawal rates for all RRIFs set up after 1992. It shows the percentage of the account balance (at the previous year-end) that must be paid out in the current year.
How to use the table: Slide the columns right or left using your fingers or mouse to see all the columns. You can download the data to your device in Excel, CSV and PDF formats.
| wdt_ID | Age at end of previous year | Withdrawal rate for current year | Age at end of previous year | Withdrawal rate for current year |
|---|---|---|---|---|
| 1 | 55 | 2.86% | 76 | 5.98% |
| 2 | 56 | 2.94% | 77 | 6.17% |
| 3 | 57 | 3.03% | 78 | 6.36% |
| 4 | 58 | 3.13% | 79 | 6.58% |
| 5 | 59 | 3.23% | 80 | 6.82% |
| 6 | 60 | 3.33% | 81 | 7.08% |
| 7 | 61 | 3.45% | 82 | 7.38% |
| 8 | 62 | 3.57% | 83 | 7.71% |
| 9 | 63 | 3.70% | 84 | 8.08% |
| 10 | 64 | 3.85% | 85 | 8.51% |
| 11 | 65 | 4.00% | 86 | 8.99% |
| 12 | 66 | 4.17% | 87 | 9.55% |
| 13 | 67 | 4.35% | 88 | 10.21% |
| 14 | 68 | 4.55% | 89 | 10.99% |
| 15 | 69 | 4.76% | 90 | 11.92% |
| 16 | 70 | 5.00% | 91 | 13.06% |
| 17 | 71 | 5.28% | 92 | 14.49% |
| 18 | 72 | 5.40% | 93 | 16.34% |
| 19 | 73 | 5.53% | 94 | 18.79% |
| 20 | 74 | 5.67% | 95+ | 20.00% |
| 21 | 75 | 5.82% | ||
| Age at end of previous year | Withdrawal rate for current year | Age at end of previous year | Withdrawal rate for current year |
Source: Rates calculated using the CRA’s prescribed factors formulas.
This was excerpted from RRIF and LIF withdrawal rates: Everything you need to know by Jason Heath, CFP.
Newsletter
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Allison resold her Eras Tour tickets instead of going to the concert. The resale website asked for her SIN,...
Whether you want the highest interest rate or no service fees, these savings accounts will meet your needs.
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Tax-free savings accounts offer a place for your cash or other investments to grow. Here’s help with selecting the...
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
This is absolutely STUPID and IGNERANT on the part of the Canadian governments side, the older you are the more fragile and needing for services, medicine and of course food a person needs, and where is our Government! Of course razing taxes more every year, how stupid! We are not keeping up with inflation! It was bad in 2019 and now its at least 300% worst if not more in 2024.
The Government of Canada is creating a new sector of impovrished Canadians! This will go down in history, Mr Trudeau.
We used to see warnings like “If interest rates go up an other 5% or higher a minimum of 30% of Canadians would loose their homes! Well everything went up a minimum of 300% where the hell is our Government?
If our government is hell bent on getting its grubby little hands on invested money as soon as possible, before people pass away, well they will get it back anyways when you die! EVERYTHING since 2019 Covid has gone up by at least 300% + if not more and Mr Trudeau’s government is burying us with increased TAXES