RRSP to RRIF Conversion Calculator
Plan the conversion deadline and first mandatory withdrawal before choosing a carrier, payment schedule or spouse-age election.
Find the final conversion year, the first mandatory-payment year and an illustrative first minimum using the account holder or elected younger-spouse age.
Convert no later than
20293 years remaining
First minimum year
2030Year after the RRIF is established
Illustrative annual minimum
$26,4005.28% using age 71
Monthly equivalent
$2,200Carrier payment frequency may differ
What this estimate includes
The first-payment illustration applies the prescribed factor to the balance entered and assumes the balance stays unchanged until the first minimum year.
Compare the result with the separate RRIF withdrawal-tax calculator before selecting voluntary withdrawals above the minimum.
Questions this calculator answers
When must an RRSP be converted to a RRIF?
An RRSP must mature by the end of the calendar year in which the annuitant turns 71. A direct transfer can move the property to a RRIF without treating it as a cash withdrawal.
Is there a RRIF minimum in the conversion year?
No. The minimum amount is zero in the year the RRIF is established. Required minimum payments begin the following calendar year.
Can a younger spouse age reduce the RRIF minimum?
Yes, if the annuitant elects to use the spouse or common-law partner age when the RRIF is established and before payments begin. The election cannot later be changed for that RRIF.
Are RRIF withdrawals taxable?
Yes. RRIF payments are taxable income. The minimum generally has no withholding at source, but final income tax still applies.
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