Canada Revenue Agency (CRA) requires that you take at least a minimum amount out of your RRIF each year, however, you may withdraw more than the minimum if required. The minimum withdrawal from a RRIF is based on the value of the assets in the plan on January 1st of each year.
The federal budget of March 1992 changed the minimum withdrawal requirements for RRIFs. The schedule of minimum annual withdrawal rates was increased for ages 71-77, and decreased from age 78 on. RRIFs established prior to 1993 are generally 'qualifying RRIFs' and withdrawals may be slightly lower than the percentages for ages 71-77.
| Age on January 1 |
Set up before January 1, 1993 |
Set up after December 31, 1992 |
Age on January 1 |
Set up before January 1, 1993 |
Set up after December 31, 1992 |
|---|---|---|---|---|---|
| 55 | 2.86 | 2.86 | 75 | 6.67 | 7.85 |
| 56 | 2.94 | 2.94 | 76 | 7.14 | 7.99 |
| 57 | 3.03 | 3.03 | 77 | 7.69 | 8.15 |
| 58 | 3.13 | 3.13 | 78 | 8.33 | 8.33 |
| 59 | 3.23 | 3.23 | 79 | 8.53 | 8.53 |
| 60 | 3.33 | 3.33 | 80 | 8.75 | 8.75 |
| 61 | 3.45 | 3.45 | 81 | 8.99 | 8.99 |
| 62 | 3.57 | 3.57 | 82 | 9.27 | 9.27 |
| 63 | 3.70 | 3.70 | 83 | 9.58 | 9.58 |
| 64 | 3.85 | 3.85 | 84 | 9.93 | 9.93 |
| 65 | 4.00 | 4.00 | 85 | 10.33 | 10.33 |
| 66 | 4.17 | 4.17 | 86 | 10.79 | 10.79 |
| 67 | 4.35 | 4.35 | 87 | 11.33 | 11.33 |
| 68 | 4.55 | 4.55 | 88 | 11.96 | 11.96 |
| 69 | 4.76 | 4.76 | 89 | 12.71 | 12.71 |
| 70 | 5.00 | 5.00 | 90 | 13.62 | 13.62 |
| 71 | 5.26 | 7.38 | 91 | 14.73 | 14.73 |
| 72 | 5.56 | 7.48 | 92 | 16.12 | 16.12 |
| 73 | 5.88 | 7.59 | 93 | 17.92 | 17.92 |
| 74 | 6.25 | 7.71 | 94+ | 20.00 | 20.00 |
The minimum RRIF withdrawal requirement will be waived in 2007 for those turning 70 or 71 in 2007 and in 2008 for those turning 71 in 2008.