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Canada Thursday, May 25, 2017

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RRIF vs Annuity

 

New 2015 RRIF Minimum Withdrawal

The Conservative government's new 2015 budget changes the rules that require retirees to start withdrawing cash from their registered income funds (RRIF's). Canadian seniors are now living longer and that is why the changes were made.

 

Under the law, Canadians aged 71 must convert their RRSP into a RRIF or an annuity. Below are the minumum percentages Canadian seniors must draw down their RRIFs annually commencing no later than age of 71.

 

RRIF minimum withdrawal calculator

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2015 RRIF Minimum Withdrawal Table

 

Age

(at start of year)

New Factor (%)

2015 and later

Previous Factor (%)

1992 to 2015

Previous Factor (%)

pre 1992

60 3.33% 3.33% 3.33%
61 3.45% 3.45% 3.45%
62 3.57% 3.57% 3.57%
63 3.70% 3.70% 3.70%
64 3.85% 3.85% 3.85%
65 4.00% 4.00% 4.00%
66 4.17% 4.17% 4.17%
67 4.35% 4.35% 4.35%
68 4.55% 4.55% 4.55%
69 4.76% 4.76% 4.76%
70 5.00% 5.00% 5.00%
71 5.28% 7.38% 5.26%
72 5.40% 7.48% 5.56%
73 5.53% 7.59% 5.88%
74 5.67% 7.71% 6.25%
75 5.82% 7.85% 6.67%
76 5.98% 7.99% 7.14%
77 6.17% 8.15% 7.69%
78 6.36% 8.33% 8.33%
79 6.58% 8.53% 8.53%
80 6.82% 8.75% 8.75%
81 7.08% 8.99% 8.99%
82 7.38% 9.27% 9.27%
83 7.71% 9.58% 9.58%
84 8.08% 9.93% 9.93%
85 8.51% 10.33% 10.33%
86 8.99% 10.79% 10.79%
87 9.55% 11.33% 11.33%
88 10.21% 11.96% 11.96%
89 10.99% 12.71% 12.71%
90 11.92% 13.62% 13.62%
91 13.06% 14.73% 14.73%
92 14.49% 16.12% 16.12%
93 16.34% 17.92% 17.92%
94+ 18.79% 20.00% 20.00%
95 & over 20.00% 20.00% 20.00%

 

 

RRIF Withdrawal Chart

2015 RRIF Withdrawal Chart

 

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