FAQ: How Are RRIF Mimimum Withdrawal Factors Applied?

The RRIF minimum withdrawal takes effect the year after conversion to a RRIF. The minimum withdrawal is calculated based on the ending year balance of the RRIF and the min. withdrawal % based on age.

Once converted to a RRIF/LIF the platform will automatically plan min. withdrawals, which can be seen in the contribution/withdrawal column, but the platform will often plan larger withdrawals when extra income is needed for retirement spending. There is no separate column for the min. withdrawal, it’s all captured in the total withdrawal for the year.

At the moment there is no way to use a younger partners age, and although that functionality is coming.