TaxTips.ca - RRSP/RRIF Withdrawal Calculator

Fixed Annual Withdrawal
Type amounts into yellow cells. Amounts are recalculated automatically when you hit enter, tab out of a cell, click elsewhere with the mouse, or click the Calculate button (top of screen). Withdrawals are assumed to be made at the end of each year.
Fixed annual withdrawals start immediately, not just after converted to a RRIF. A "desired withdrawal" amount (enter as positive amount) can be entered in any year, to override the fixed annual withdrawal. Desired withdrawal of zero will change actual withdrawal to zero only if no minimum withdrawal is required. Otherwise, it will change it to the minimum withdrawal amount. Inflation factor will not be applied to amounts entered in desired withdrawal column.
A revised estimated rate of return can be entered in any year. This revised rate of return will be used until a different estimated rate of return is entered for a subsequent year.
Balance in RRSP or RRIF at beginning of year
Age at Dec 31 prior year end, or younger spouse's age if you have elected to use it
See our article about using the age of a younger spouse - right-click to open link in a new tab or window.
Convert to RRIF in year in which you turn (or turned), or your spouse turns or turned							max age is 71
Estimated rate of return
What amount would you like to withdraw annually?
What inflation amount would you like to apply to your annual withdrawal?
Choose the page to print - Fixed or Max Withdrawals
This calculator uses the new RRIF factors brought in by the Federal 2015 Budget. The new factors apply to all RRIFs, LIFs, and LRIFs, no matter when the plan was set up. Minimum withdrawal will be used if it exceeds desired withdrawal, once RRSP is converted to a RRIF. Inflation factor will not affect minimum withdrawal. For locked-in RRIFs, maximum withdrawals are governed by federal or provincial legislation, and are not part of these calculations.
Age prior Dec 31	RRIF factor	Estimated rate of return	Rate of return used	Return on investments	Desired withdrawal	Minimum withdrawal	Actual withdrawal	Ending balance

Maximum Withdrawal for X Years
Type amounts into yellow cells. Amounts are recalculated automatically when you hit enter, tab out of a cell, click elsewhere with the mouse, or click the Calculate button (bottom of screen). Withdrawals are assumed to be made at the end of each year.
A revised estimated rate of return can be entered in any year. This revised rate of return will be used until a different estimated rate of return is entered for a subsequent year.
Balance in RRSP at beginning of year
Age at Dec 31 prior year end, or younger spouse's age if you have elected to use it
See our article about using the age of a younger spouse - right-click to open link in a new tab or window.
Convert to RRIF in year in which you turn (or turned), or spouse turns (or turned)						max age is 71
Start making withdrawals at age
Estimated rate of return
Show the maximum withdrawal for the money to last						years
What inflation amount would you like to apply to your annual withdrawal?
Go to the Fixed Withdrawal page to indicate which page you would like to print.
This calculator uses the new RRIF factors brought in by the Federal 2015 Budget. The new factors apply to all RRIFs, LIFs, and LRIFs, no matter when the plan was set up. Minimum withdrawal will be used if it exceeds desired withdrawal, once RRSP is converted to a RRIF. This will reduce the # of years the money will last. Inflation factor will not affect minimum withdrawals, but it will increase the actual withdrawals by the inflation amount each year starting in the 2nd year of withdrawal. For locked-in RRIFs, maximum withdrawals are governed by federal or provincial legislation, and are not part of these calculations.
Age prior Dec 31	RRIF factor	Estimated rate of return	Rate of return used	Return on investments	Minimum withdrawal	Actual withdrawal	Ending balance

TaxTips.ca RRSP/RRIF Withdrawal Calculator

Balance in RRSP or RRIF at beginning of year
Age prior Dec 31, or younger spouse's age if you have elected to use it
Convert to RRIF in year in which you turn (or turned), or your spouse turns or turned
Estimated rate of return
Amount to withdraw annually (Fixed withdrawal case)
Age at which to start making withdrawals (Max withdrawal case)
Number of years to make the withdrawals last (Max withdrawal case)
Inflation amount to apply to your annual withdrawal
Age prior Dec 31	RRIF factor	Rate of return	Return on investments	Minimum withdrawal	Actual withdrawal	Ending balance

RRSP/RRIF Withdrawal Calculator Help

The RRSP/RRIF calculator has 2 different types of calculators which can be chosen by selecting the link at the top for:
		Fixed Withdrawal
		Max Withdrawal
	These 2 calculators are NOT linked to each other - what you input into one of them does not change the numbers in the other one.

Income tax
	RRSP and RRIF withdrawals are taxable. The withdrawals shown are before-tax amounts.

Starting balance in RRSP
	This should be the amount in the RRSP at December 31 of the prior year.

Age
	Age is the age of the annuitant (owner) of the RRSP at December 31 of the prior year.
	If the annuitant plans to elect to use the age of a younger spouse to calculate minimum withdrawals, then the age of the younger spouse can be used in the calculator.

Convert to RRIF at age
	The latest that an RRSP can be converted to a RRIF is the year in which the taxpayer turns 71. If a higher age than 71 is entered, age 71 will be used. There is no minimum withdrawal in the year the RRIF is started. If the RRSP has already been converted to a RRIF, enter the age at which this was done, or the younger spouse's age at that time.

Minimum annual withdrawals
	There is no withdrawal necessary in the year a RRIF (Registered Retirement Income Fund) is set up, but there are minimum amounts that must be withdrawn annually starting in the year after setup. Unless certain types of annuities are held in the RRIF, the minimum withdrawal amount is calculated by multiplying the market value of the RRIF holdings at the beginning of the year by a "prescribed factor". Locked-in Retirement Accounts (LIRAs) are subject to the same minimum withdrawals as RRIFs. LIRAs are also subject to maximum allowable withdrawals, governed by either federal or provincial legislation.

	The prescribed factor for minimum withdrawals is 1/(90-age) while the annuitant is under 71 years old.

	This calculator uses the RRIF factors brought in by the Federal 2015 Budget, which applies to all RRIFs, LIFs, and LRIFs, no matter when the plan was set up.

Estimated rate of return
	The estimated rate of return can be changed to show the effect on minimum withdrawals and how long the RRSP/RRIF investment will last.

Fixed annual withdrawal
	A desired annual withdrawal amount can be entered, but if it is less than the minimum required withdrawal, the minimum required withdrawal will be used in the calculator. The desired withdrawal can be set to zero each year to eliminate withdrawals before the minimum annual withdrawals start.


Inflation rate
	An estimated inflation factor can be used, and in the Fixed Withdrawal tab, the actual withdrawal will be increased by inflation as long as it exceeds the minimum withdrawal. The inflation factor can also be set to zero if desired. In the Max Withdrawal, if the inflation rate is increased, the withdrawal amount is reduced in the beginning and increased later, so that the funds last the amount of time specified. However, if this results in an amount less than the minimum withdrawal, the minimum withdrawal will be used.

Maximum withdrawal for X years
	This calculator allows you to specify how many years you want your RRSP/RRIF to last. It will calculate the maximum payment per year in order for your RRSP/RRIF to last the specified number of years.

	If the period specified causes the payments to be lower than the minimum annual withdrawals, then the minimum annual withdrawals will be used. This will reduce the number of years that the money will last.

	If your RRIF is locked-in, the maximum amount you may withdraw is governed by either federal or provincial legislation. The maximum withdrawals in the calculator may exceed the maximums allowed by legislation.

Printing
	This calculator now uses a new Print feature, and the results can be printed in colour - choose which page you want to print by selecting it on the Fixed Withdrawal page. If you want to print the results in colour, it seems you'll have to use either Chrome, Edge, Firefox or Vivaldi. In Chrome, Edge or Vivaldi, once you click the Print button, choose More settings, and tick "Background graphics". The preview should change from black and white to colour. Your printer or pdf printer settings should also be set to print in colour.

TaxTips.ca Calculators -> RRSP/RRIF Withdrawal Calculator instructions