The minimal age at which you’ll be able to convert a registered retirement financial savings plan (RRSP) to a registered retirement earnings fund (RRIF) varies by province: it’s 50 in some, and 55 in others. However beginning the yr after conversion, you could start to make minimal withdrawals out of your RRIF. The desk under consists of the minimal withdrawal charges for all RRIFs arrange after 1992. It exhibits the proportion of the account steadiness (on the earlier year-end) that have to be paid out within the present yr.
Tips on how to use the desk: Slide the columns proper or left utilizing your fingers or mouse to see all of the columns. You may obtain the info to your system in Excel, CSV and PDF codecs.
| wdt_ID | Age at finish of earlier yr | Withdrawal fee for present yr | Age at finish of earlier yr | Withdrawal fee for present yr |
|---|---|---|---|---|
| 1 | 55 | 2.86% | 76 | 5.98% |
| 2 | 56 | 2.94% | 77 | 6.17% |
| 3 | 57 | 3.03% | 78 | 6.36% |
| 4 | 58 | 3.13% | 79 | 6.58% |
| 5 | 59 | 3.23% | 80 | 6.82% |
| 6 | 60 | 3.33% | 81 | 7.08% |
| 7 | 61 | 3.45% | 82 | 7.38% |
| 8 | 62 | 3.57% | 83 | 7.71% |
| 9 | 63 | 3.70% | 84 | 8.08% |
| 10 | 64 | 3.85% | 85 | 8.51% |
| 11 | 65 | 4.00% | 86 | 8.99% |
| 12 | 66 | 4.17% | 87 | 9.55% |
| 13 | 67 | 4.35% | 88 | 10.21% |
| 14 | 68 | 4.55% | 89 | 10.99% |
| 15 | 69 | 4.76% | 90 | 11.92% |
| 16 | 70 | 5.00% | 91 | 13.06% |
| 17 | 71 | 5.28% | 92 | 14.49% |
| 18 | 72 | 5.40% | 93 | 16.34% |
| 19 | 73 | 5.53% | 94 | 18.79% |
| 20 | 74 | 5.67% | 95+ | 20.00% |
| 21 | 75 | 5.82% | ||
| Age at finish of earlier yr | Withdrawal fee for present yr | Age at finish of earlier yr | Withdrawal fee for present yr |
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Supply: Charges calculated utilizing the CRA’s prescribed elements formulation.
This was excerpted from RRIF and LIF withdrawal charges: Every little thing it’s good to know by Jason Heath, CFP.
Learn extra about RRIFs in Canada:
- Do you have to max out your RRSP earlier than changing it to a RRIF?
- How to deal with the RRSP-to-RRIF deadline in your early 70s
- RRIF and LIF withdrawal charges: Every little thing it’s good to know
- Tax implications of creating transfers between registered accounts
The publish Downloadable RRIF withdrawal charges chart 2024 appeared first on MoneySense.
