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RRIF minimum payments calculator
May 13, 2015
4:57 pm
kanaka
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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?

May 16, 2015
8:26 am
NorthernRaven
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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.

May 16, 2015
10:00 am
Norman1
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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.

May 16, 2015
10:08 am
Norman1
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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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