The minimum age at which you can convert an RRSP to a 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.
| Age at end of previous year | Withdrawal rate for current year | Age at end of previous year | Withdrawal rate for current year |
|---|---|---|---|
| 55 | 2.86% | 76 | 5.98% |
| 56 | 2.94% | 77 | 6.17% |
| 57 | 3.03% | 78 | 6.36% |
| 58 | 3.13% | 79 | 6.58% |
| 59 | 3.23% | 80 | 6.82% |
| 60 | 3.33% | 81 | 7.08% |
| 61 | 3.45% | 82 | 7.38% |
| 62 | 3.57% | 83 | 7.71% |
| 63 | 3.70% | 84 | 8.08% |
| 64 | 3.85% | 85 | 8.51% |
| 65 | 4.00% | 86 | 8.99% |
| 66 | 4.17% | 87 | 9.55% |
| 67 | 4.35% | 88 | 10.21% |
| 68 | 4.55% | 89 | 10.99% |
| 69 | 4.76% | 90 | 11.92% |
| 70 | 5.00% | 91 | 13.06% |
| 71 | 5.28% | 92 | 14.49% |
| 72 | 5.40% | 93 | 16.34% |
| 73 | 5.53% | 94 | 18.79% |
| 74 | 5.67% | 95 or older | 20.00% |
| 75 | 5.82% |
This was excerpted from RRIF and LIF withdrawal rates: Everything you need to know by Jason Heath, CFP.
Read more about RRIFs in Canada:
- Should you max out your RRSP before converting it to a RRIF?
- How to cope with the RRSP-to-RRIF deadline in your early 70s
- RRIF and LIF withdrawal rates: Everything you need to know
- Tax implications of making transfers between registered accounts
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