A Registered Retirement Income Fund (RRIF) is a investment vehicle used in retirement. Once funded, you can make periodic withdrawals while the remaining balance remains tax deferred. This calculator is designed to help you calculate different payment options from your RRIF. You can find out your minimum required payments, how long you can draw funds based on your desired monthly payment or what your payment would be based on a fixed number of years to withdraw.

Birth date

Enter your date of birth in Month/Day/Year format. Your age at the beginning of the year is calculated and displayed on the Report.

Start date

This calculator assumes that your payments will begin on January 1st of the year following the date you have entered as the start date. If you wish to delay or receive payments sooner, simply enter the appropriate date. Keep in mind that you must start distributions no later than the end of the year in which you turn 72 and that this calculator calculates your payments starting January 1st of the year following the date you have entered as the start date.

Initial investment amount

The initial investment you have placed (or will place) in your RRIF plan.

Interest rate

Please use a realistic rate. Consult with an investment professional for an appropriate rate of return.

Payment calculations

This calculator allows you to find your RRIF payment in one of three ways:

1. If you choose "Minimum required payments", only your minimum required payment will be calculated. Your required minimum payment will change each year as you grow older. We assume that you will not elect to take payments in the year you start the RRIF since this would result in exceeding the minimum amount and would be subject to withholding taxes. If you do elect to take payments in the year you open the RRIF, please use the Fixed Payment Option.

   Note: For individuals turning age 70 or 71 in 2007 and for those turning 71 in 2008, the minimum withdrawal from a RRIF for those years will be zero. This is based on legislation. For more information, please refer to the following link to Canada Revenue Agency's website: http://www.cra-arc.gc.ca/tax/registered/budget2007-e.html#T4RIF

2. The "Maximum payment for a fixed number of years" calculates your monthly and annual payment based on a fixed number of years that you enter.
3. The "Fixed monthly payment" allows you to select a fixed monthly payment and calculate how long your RRIF will last. If you have requested a payment in a partial year (i.e. Start Year), you should use the Fixed Monthly Payment option.