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Calculators and Planners

RRIF Payment Calculator

A Registered Retirement Income Fund (RRIF) is a plan designed to provide Canadians with a constant income flow through retirement.

The property under a RRIF is derived as a result of a transfer of funds from an RRSP or another RRIF. The funds in a RRIF are tax-exempt and amounts paid out of a RRIF are taxable on receipt.

It is mandatory that you convert all your RRSPs by December 31st in the year you turn 71.

Canada Revenue Agency stipulates that a minimum payment must be withdrawn from your RRIF each year and reported as income. This minimum annual payment is taken from a schedule that is based on your age or the age of your spouse.




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Definitions

Start date
This is the date when your RRIF plan is issued. You must receive your first payment no later than the end of the year in which you turn 70. It is mandatory that you convert all your RRSPs by December 31st in the year you turn 69.

Age as of Jan. 1st of start year
Your age on January 1st in the year your RRIF is issued. Your age is used to determine your minimum annual payments. Or, use the age on January 1st of a spouse or common-law partner, if you use this one time election on converting to a RRIF.

Initial investment amount
The initial investment you placed in your RRIF.

Interest rate
Please use a realistic rate. Consult your investment professional for an appropriate rate of return.

Payment calculations
This calculator allows you to find your RRIF payment in one of three ways:
  1. If you choose "Minimum required payments" it will calculate only your minimum required payment. Your required minimum payment will change each year as you grow older.
  2. The "Maximum payment for a fixed number of years" calculates your monthly and annual payment based on the fixed number of years that you enter. Withholding tax has not been deducted in this calculation.
  3. A "Fixed monthly payment" allows you to select a fixed monthly payment and calculate how long your RRIF will last. Withholding tax has not been deducted in this calculation.

Start payments in the first year
If you would like payments to begin in the first year your RRIF is issued, check this box. A pro-rated payment will be included.
The calculators contained on this site is provided for illustrative purposes only and is only intended to assist you in understanding how certain investment strategies may impact your investments over a specific period of time. Dynamic Funds does not warrant or make any representations regarding the use or the results of the Calculator in terms of its correctness, accuracy, timeliness, reliability, or otherwise. Information herein is subject to change without notice and Dynamic Funds is not responsible to update this information, nor does it accept any responsibility for any loss or damage that results from the use of the results of the Calculator. Projections made using the Calculator are not intended to be a substitute for professional advice and, because each person's situation differs, we recommend that you consult a professional investment advisor to ensure you are using the information on this site to your best advantage