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Email this4:57 pm
December 23, 2011
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I am just wondering if you had $100,000 in a RRIF GIC at 3% and you took the minimum mandatory payments beginning at age 71..,,,,what amounts would you recieve per year and when would the balance be zero?
Any one done the calculation and/or is there a web site out there that would provide the information?
8:26 am
August 4, 2010
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There's a bunch of RRIF calculators if you Google it. There's one at TaxTips.ca that has been updated with the new RRIF withdrawal factors from the 2015 budget:
http://www.taxtips.ca/calculat.....ulator.htm
You can let it grow you RRSP to age 71 if you want, as well.
10:00 am
April 6, 2013
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If one wishes to do one's own calculations, these are the prescribed minimum RRIF withdrawal factors for RRIF's created after 1992. From CRA's information circular IC78-18R6: Registered Retirement Income Funds:
| Age (Y) at Start of Year | Factor | Age (Y) at Start of Year | Factor |
|---|---|---|---|
| under 71 | 1/(90 – Y) | 83 | .0958 |
| 71 | .0738 | 84 | .0993 |
| 72 | .0748 | 85 | .1033 |
| 73 | .0759 | 86 | .1079 |
| 74 | .0771 | 87 | .1133 |
| 75 | .0785 | 88 | .1196 |
| 76 | .0799 | 89 | .1271 |
| 77 | .0815 | 90 | .1362 |
| 78 | .0833 | 91 | .1473 |
| 79 | .0853 | 92 | .1612 |
| 80 | .0875 | 93 | .1792 |
| 81 | .0899 | 94 or older | .2 |
| 82 | .0927 |
Minimum withdrawal is value of RRIF at the beginning of the year multiplied by the factor.
There are proposed changes to the factors in Budget 2015 that's currently making their way through Parliament.
10:08 am
April 6, 2013
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BMO has a calculator at BMO: RIF Payment Calculator that can do minimum annual payment and fixed annual payment amounts. The results include any withholding taxes.
The BMO calculator seems to use the current prescribed RRIF minimum payment factors and not the proposed ones in Budget 2015.
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