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At 72, the RRIF minimum is 5.40% of the January 1 balance, which is $21,600 on $400,000. Take out $30,000 and the $8,400 above the minimum has 20% ($1,680) withheld at source. The minimum itself has nothing withheld.
Withholding is only an advance, though. In Ontario, with $11,000 of CPP, $8,800 of OAS, a $15,000 pension and $4,000 of other income, that $30,000 adds about $7,783 of tax, so roughly $6,103 is still due when you file. The calculator takes the minimum from the CRA’s prescribed factors, then shows the tax, the withholding and the cash you receive.
How is the RRIF minimum worked out?
The minimum is a set percentage of the plan’s value on January 1, based on your age at the start of the year. Before 71 the factor is 1 divided by (90 minus your age), so 4% at 65. From 71 the CRA publishes fixed factors: 5.28% at 71, 5.82% at 75, 6.82% at 80, 8.51% at 85, 11.92% at 90 and 20% from 95 (Canada Revenue Agency: prescribed RRIF factors). If you chose it before the first payment, you can use a younger spouse’s age instead. There’s no minimum in the year the RRIF is opened (Canada Revenue Agency: RRIFs).
How much tax is withheld on a RRIF withdrawal?
Nothing is withheld on the minimum. The part above it is withheld at 10% up to $5,000, 20% from $5,001 to $15,000 and 30% above $15,000 outside Quebec (Canada Revenue Agency: lump-sum withholding). In Quebec the federal part is 5%, 10% and 15%, with a provincial amount withheld on top (Canada Revenue Agency: tax rates on withdrawals). Whatever is withheld is a down payment on the real bill. In the default example, 20% of $8,400 is $1,680, so you receive $28,320 now and the actual tax comes due when you file.
Does the age 65 pension credit apply to RRIF income?
Yes, from 65. RRIF payments qualify for the federal pension income amount of up to $2,000, which the CRA applies to eligible pension income (Canada Revenue Agency: line 31400). The age amount is a separate credit: $9,208 for 2026, reduced by 15% of net income above about $46,432. That threshold is the CRA’s 2025 figure of $45,522 raised by the 2.0% indexing, so check it against your 2026 tax package (see Canada Revenue Agency: age amount and Department of Finance: credit amounts). The calculator applies both credits at the lowest rates, so provincial credits are approximate.
What happens if I take more than the minimum?
The extra is taxed at your marginal rate and can set off the OAS recovery tax, which takes 15 cents of each dollar of net income above $95,323 in 2026. Take a 65-year-old with $900,000 in a RRIF who withdraws $60,000 against a $36,000 minimum, with the same CPP, OAS and pension as above plus $40,000 of other income. The withdrawal adds about $25,310 of tax, including $5,922 of OAS recovery tax. Taking only what you need, and watching that threshold, usually costs less.
How does the minimum change as you get older?
The factor climbs with age, so the same balance has to pay out more each year. As a simple comparison, take a plan worth $400,000 on January 1 and hold the balance fixed, which real plans won't do because of growth and withdrawals. At 65 the factor is 4%, so the minimum is $16,000. At 71 it is 5.28%, or $21,120. At 75 it is 5.82%, or $23,280, and at 80 it is 6.82%, or $27,280.
The jump matters for tax. A larger required payment lands on top of CPP, OAS and any pension, which can push more income toward the OAS recovery threshold mentioned further down. Seeing the trend early helps you decide whether to start taking money out sooner. Use the calculator with your own balance and age, and treat any projection as a rough guide, since the real factor is applied to the plan's value each January 1.
How do the withholding bands play out on real amounts?
The rate depends on how much you take above the minimum, not on the whole payment. Outside Quebec, an extra $4,000 falls in the 10% band, so $400 is withheld. An extra $8,400, the amount in the default example, falls in the 20% band, so $1,680 is withheld and you receive $28,320 from a $30,000 payment. An extra $18,000 falls in the 30% band, so $5,400 is withheld.
Remember that these amounts are only an advance. The whole payment still counts as income, and your final tax depends on everything else you earn that year, which is why the default example still shows $6,103 due at filing. If you expect a large balance owing, you can plan for it instead of being surprised in the spring. Taking the extra in a smaller amount, when it makes sense for you, can also land in a lower band, so compare a few amounts in the calculator before you ask your plan holder to send the money.
Where does this information come from?
Minimum factors and withholding rates come from Canada Revenue Agency pages and the OAS threshold from an Employment and Social Development Canada table. The tax itself comes from the site’s own 2026 tax engine. Checked in October 2026. This is an independent information site: we provide no services, we do not represent the CRA or any organization, and we do not guarantee that anything here is accurate or current. We accept no liability for decisions based on it. Check the official source before you rely on it. See the full disclaimer.
Frequently asked questions
Can I take out less than the RRIF minimum?
No. After the first year the plan has to pay at least the minimum, so the calculator uses the minimum if you enter less. Tax applies to whatever you receive, with no withholding on the minimum part.
Does using my spouse's age change the minimum?
It lowers it when your spouse is younger. A 72-year-old with a 68-year-old spouse uses the 68-year-old's factor of about 4.55% instead of 5.40%. You have to make that choice before the first payment, and it can't be changed afterwards.
Is tax withheld on the minimum payment?
No. Withholding applies only to the part above the minimum. The whole payment is still income, so you may owe more at filing. In the default example, $6,103 is still due.
What is the minimum in the year I open a RRIF?
Zero. The CRA sets the minimum at nil for the year the RRIF is opened, so any amount you take that year counts as above the minimum for withholding.