The minimum age at which you’ll be able to convert Registered Retirement Savings Plan (RRSP) The amount of contributions to a Registered Pension Fund (RRIF) varies by province: in some it’s 50, in others it’s 55. However, from the yr after the conversion, you need to start making minimum withdrawals out of your RRIF. The following table accommodates the minimum payout rates for all RRIFs established after 1992. It shows the share of the account balance (at the tip of the previous yr) that should be paid out in the present yr.
| Age at the tip of the previous yr | Payout rate for the present yr | Age at the tip of the previous yr | Payout rate for the present yr |
|---|---|---|---|
| 55 | 2.86% | 76 | 5.98% |
| 56 | 2.94% | 77 | 6.17% |
| 57 | 3.03% | 78 | 6.36% |
| 58 | 3.13% | 79 | 6.58% |
| 59 | 3.23% | 80 | 6.82% |
| 60 | 3.33% | 81 | 7.08% |
| 61 | 3.45% | 82 | 7.38% |
| 62 | 3.57% | 83 | 7.71% |
| 63 | 3.70% | 84 | 8.08% |
| 64 | 3.85% | 85 | 8.51% |
| 65 | 4.00% | 86 | 8.99% |
| 66 | 4.17% | 87 | 9.55% |
| 67 | 4.35% | 88 | 10.21% |
| 68 | 4.55% | 89 | 10.99% |
| 69 | 4.76% | 90 | 11.92% |
| 70 | 5.00% | 91 | 13.06% |
| 71 | 5.28% | 92 | 14.49% |
| 72 | 5.40% | 93 | 16.34% |
| 73 | 5.53% | 94 | 18.79% |
| 74 | 5.67% | 95 or older | 20.00% |
| 75 | 5.82% |
Read more about RRIFs in Canada:
- Should you max out your RRSP before converting it to an RRIF?
- How to Navigate the RRSP to RRIF Deadline in Your Early 70s
- RRIF and LIF withdrawal rates: Everything you could know
- Tax implications of transfers between registered accounts
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