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RRIF withdrawal charges chart 2024

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The minimal age at which you’ll be able to convert a registered retirement financial savings plan (RRSP) to a registered retirement earnings fund (RRIF) varies by province: it’s 50 in some, and 55 in others. However beginning the 12 months after conversion, you should start to make minimal withdrawals out of your RRIF. The desk under consists of the minimal withdrawal charges for all RRIFs arrange after 1992. It exhibits the share of the account stability (on the earlier year-end) that have to be paid out within the present 12 months.

How you can use the desk: Slide the columns proper or left utilizing your fingers or mouse to see much more information, together with returns and technique. You may obtain the information to your machine in Excel, CSV and PDF codecs. 

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wdt_ID Age at finish of earlier 12 months Withdrawal charge for present 12 months Age at finish of earlier 12 months Withdrawal charge for present 12 months
1 55 2.86% 76 5.98%
2 56 2.94% 77 6.17%
3 57 3.03% 78 6.36%
4 58 3.13% 79 6.58%
5 59 3.23% 80 6.82%
6 60 3.33% 81 7.08%
7 61 3.45% 82 7.38%
8 62 3.57% 83 7.71%
9 63 3.70% 84 8.08%
10 64 3.85% 85 8.51%
11 65 4.00% 86 8.99%
12 66 4.17% 87 9.55%
13 67 4.35% 88 10.21%
14 68 4.55% 89 10.99%
15 69 4.76% 90 11.92%
16 70 5.00% 91 13.06%
17 71 5.28% 92 14.49%
18 72 5.40% 93 16.34%
19 73 5.53% 94 18.79%
20 74 5.67% 95+ 20.00%
21 75 5.82%
Age at finish of earlier 12 months Withdrawal charge for present 12 months Age at finish of earlier 12 months Withdrawal charge for present 12 months

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Supply: Charges calculated utilizing the CRA’s prescribed elements formulation.

This was excerpted from RRIF and LIF withdrawal charges: Every thing it’s essential know by Jason Heath, CFP.

Learn extra about RRIFs in Canada:

The publish RRIF withdrawal charges chart 2024 appeared first on MoneySense.

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