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ARTICLE · 25 NOVEMBER 2015

Are You A RRIF Holder? Consider The New Minimum Withdrawal Amounts

Grant Thornton
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Each year, Registered Retirement Income Fund (RRIF) holders must withdraw a required minimum amount, which is then taxed as income in the year of withdrawal.

CanadaTax
Stephanie Fennell-Brown
Stephanie Fennell-Brown
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Each year, Registered Retirement Income Fund (RRIF) holders must withdraw a required minimum amount, which is then taxed as income in the year of withdrawal. These amounts are generally based on the RRIF holder's age at the beginning of the year, and expressed as a percentage factor of the value of the RRIF assets at the beginning of the year. However, prior to receiving any payments under the fund, a RRIF holder can elect to use the age of their spouse or common-law partner for purposes of determining the prescribed percentage factor. These rules are intended to ensure that individuals are provided with a retirement income, while also gradually bringing amounts that were previously tax-deferred into income subject to tax.

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