RRIF Minimum Withdrawals 2025: The New Table and What It Means

Key takeaways

• RRIF minimum withdrawals are required starting the year after you convert your RRSP to a RRIF
• The minimum percentage starts at 4% at age 65 and rises each year to 20% at age 95+
• Minimum withdrawals are taxable income in the year received and subject to withholding
• You can withdraw more than the minimum at any time, but you cannot carry the minimum forward
• A lower RRIF minimum for 2020 (25% reduction) was a one-time COVID measure; it no longer applies

A Registered Retirement Income Fund (RRIF) requires annual minimum withdrawals from the year after it is set up. These withdrawals are fully taxable as ordinary income. Understanding the minimum withdrawal table is essential for cash flow planning in retirement.

Minimum withdrawal table

The required minimum withdrawal is a percentage of the RRIF's fair market value at January 1 of the calendar year. The percentage depends on your age (or your spouse's age if you base it on the younger spouse). Selected rates:

• Age 65: 4.00%
• Age 70: 5.00%
• Age 71: 5.28%
• Age 75: 5.82%
• Age 80: 6.82%
• Age 85: 8.51%
• Age 90: 11.92%
• Age 95+: 20.00%

You must convert your RRSP to a RRIF no later than December 31 of the year you turn 71.

Withholding tax on withdrawals

Minimum RRIF withdrawals are not subject to withholding tax. Withdrawals above the minimum are subject to withholding: 10% on amounts up to $5,000, 20% on $5,001 to $15,000, and 30% above $15,000. Withholding is not final tax — you reconcile on your T1 return.

Spousal RRIF and pension income splitting

RRIF income from an individual who is at least 65 qualifies for pension income splitting. Up to 50% of qualifying pension income, including RRIF withdrawals, can be allocated to a lower-income spouse. Use Form T1032 (Joint Election to Split Pension Income) when filing your returns.