A registered retirement income fund (RRIF) is similar to a registered retirement savings plan (RRSP). The account contains your accumulated pension funds during your working life. The advantage with RRIF is you will periodically withdraw a portion of your savings to utilize and still continue receiving a reduced taxable income.
People to consider a RRIF;
- Any retiree who wish to receive a retirement income from their RRSP
- Any person who wish to retain a certain control over their investments
With a RRIF, you can withdraw a non-taxable minimum annual amount. Any higher amount you withdraw will be taxable.
Table of RRIF Minimum Withdrawals | |||
Age | Withdrawal (%) | Age | Withdrawal (%) |
65 | 4.00 | 83 | 9.58 |
66 | 4.17 | 84 | 9.93 |
67 | 4.35 | 85 | 10.33 |
68 | 4.35 | 86 | 10.79 |
69 | 4.76 | 87 | 11.33 |
70 | 5.00 | 88 | 11.96 |
71 | 7.38 | 89 | 12.71 |
72 | 7.48 | 90 | 13.62 |
73 | 7.59 | 91 | 14.73 |
74 | 7.71 | 92 | 16.12 |
75 | 7.85 | 93 | 17.92 |
76 | 7.99 | 94 | 20 |
77 | 8.15 | 95 | 20 |
78 | 8.33 | 96 | 20 |
79 | 8.53 | 97 | 20 |
80 | 8.75 | 98 | 20 |
81 | 8.99 | 99 | 20 |
82 | 9.27 | 100 | 20 |