RRSP Withdrawal Calculator
How long will your RRSP last? How much can you withdraw each year without running out of money? Adjust the inputs below to model your RRSP and RRIF withdrawals, the mandatory RRIF minimum and the tax you'll pay, year by year.
- Official RRIF minimums
- Withholding tax by province
- Inflation and tax included
- No sign-up
Your balance and withdrawals over time
View the year-by-year table
| Age | Year | Start balance | Contribution | RRIF minimum | Withdrawal | QPP/CPP, OAS & other | Tax | Net | Growth | RRSP/RRIF balance | TFSA balance | Other balance | Total balance |
|---|
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How to use the RRSP withdrawal calculator
Decumulation is the phase where the savings built up in your RRSP become your retirement income. The calculator projects, year by year, what happens to your capital and your withdrawals up to age 100.
Enter your situation
Enter your age, your current RRSP and RRIF balance, and any contributions you plan to make before withdrawals begin.
Pick a strategy
Withdraw a fixed amount, run the account down by a specific age, or take only the mandatory RRIF minimum to keep your money tax-sheltered as long as possible.
Review the results
See the age at which your money runs out, your after-tax income, the years when the RRIF minimum forces you to withdraw more, and the full year-by-year table.
From RRSP to RRIF: what changes at 71
You can withdraw money from your RRSP at any age, but every withdrawal is fully taxable and subject to withholding tax. By December 31 of the year you turn 71, your RRSP must be closed: most people convert it to a Registered Retirement Income Fund (RRIF), which lets the investments keep growing tax-sheltered.
With a RRIF, you must withdraw a minimum amount every year starting the year after it is opened. The minimum is a percentage of the January 1 balance that rises with age. You can always take more, but never less.
How is the RRIF minimum calculated?
Before 71, the minimum equals 1 ÷ (90 − your age) on January 1. For example, at 65: 1 ÷ 25 = 4.00%. From 71 on, a prescribed factor applies (see table). You can elect to use your younger spouse's age to lower the minimum; this choice must be made when the RRIF is set up.
Withholding tax
Your financial institution withholds tax on every RRSP withdrawal, and on the portion of a RRIF withdrawal that exceeds the minimum. Withholding is only a prepayment: your actual tax is calculated on your return based on your total income. Splitting a large withdrawal into smaller ones lowers the withholding, not the final tax.
| Age | Minimum |
|---|---|
| 55 | 2.86% |
| 60 | 3.33% |
| 65 | 4.00% |
| 70 | 5.00% |
| 71 | 5.28% |
| 72 | 5.40% |
| 73 | 5.53% |
| 74 | 5.67% |
| 75 | 5.82% |
| 76 | 5.98% |
| 77 | 6.17% |
| 78 | 6.36% |
| 79 | 6.58% |
| Age | Minimum |
|---|---|
| 80 | 6.82% |
| 81 | 7.08% |
| 82 | 7.38% |
| 83 | 7.71% |
| 84 | 8.08% |
| 85 | 8.51% |
| 86 | 8.99% |
| 87 | 9.55% |
| 88 | 10.21% |
| 89 | 10.99% |
| 90 | 11.92% |
| 93 | 16.34% |
| 95+ | 20.00% |
| Amount withdrawn | Quebec* | Other provinces |
|---|---|---|
| Up to $5,000 | 5% + 14% | 10% |
| $5,000 to $15,000 | 10% + 14% | 20% |
| Over $15,000 | 15% + 14% | 30% |
*In Quebec: federal withholding + 14% provincial withholding. No withholding is required on the RRIF minimum. RRIF factors per the Income Tax Regulations (in effect since 2015).
5 strategies to draw down your RRSP wisely
How much you withdraw matters, but the order and timing of your withdrawals can make a difference of tens of thousands of dollars in tax over your retirement.
Draw down early to smooth taxes
Withdrawing from your RRSP between retirement and 65 or 70, while your other income is low, lets you use lower tax brackets and shrinks the RRIF minimums you'll be forced to take later.
Split income with your spouse
From age 65, up to 50% of RRIF withdrawals can be allocated to your spouse on your tax returns, which can meaningfully reduce the couple's total tax bill.
Use the pension income credit
From age 65, RRIF withdrawals qualify for the federal pension income tax credit (on the first $2,000) and, in Quebec, the retirement income credit. Converting part of your RRSP to a RRIF at 65 lets you claim it.
Avoid the OAS clawback
When your net income exceeds a threshold indexed every year (about $93,000 for 2025), your Old Age Security pension is reduced by 15% of the excess. Spreading withdrawals more evenly helps you stay below it.
Coordinate RRSP, TFSA and non-registered
The order in which you draw on your accounts affects your lifetime tax and the value of your estate. At death, an RRSP or RRIF without a spouse as beneficiary is fully taxable on the final return.
RRSP and RRIF withdrawals: your questions
When do I have to convert my RRSP to a RRIF?
Your RRSP must be closed by December 31 of the year you turn 71. Most people convert it to a RRIF, which keeps the investments tax-sheltered; minimum withdrawals start the following year. You can also buy an annuity or cash out the balance (which is rarely tax-efficient).
What is the RRIF minimum withdrawal?
Before age 71, the minimum equals your January 1 balance divided by (90 minus your age). From age 71, a prescribed percentage applies: 5.28% at 71, 6.82% at 80, 11.92% at 90 and 20% from age 95. No minimum is required in the year the RRIF is opened.
How much tax is withheld on an RRSP withdrawal?
Outside Quebec, withholding tax is 10% on amounts up to $5,000, 20% from $5,000 to $15,000 and 30% above $15,000. In Quebec, the federal rates are 5%, 10% and 15%, plus 14% provincial withholding. No withholding is required on the RRIF minimum. Withholding is a prepayment: your actual tax is calculated on your tax return.
How long will my RRSP last?
It depends on your balance, how much you withdraw each year, your investment return and inflation. For example, $500,000 with $30,000 withdrawals indexed at 2% and a 5% return lasts about 22 years. The calculator above gives you a personalized estimate in seconds.
Should I withdraw from my RRSP before 65?
Often, yes. Drawing down gradually between retirement and 65 or 70 lets you use lower tax brackets, delay CPP/QPP and Old Age Security for larger lifetime pensions, and reduce the forced RRIF minimums and the risk of OAS clawback later on. The best approach depends on your other income and family situation.
What happens to my RRSP or RRIF when I die?
Without a spouse as beneficiary, the entire balance is added to your income on your final tax return, which can trigger a large tax bill. The balance can, however, roll over tax-free to your spouse's RRSP or RRIF or, in some cases, to a financially dependent child or grandchild.
A custom drawdown plan, built to reduce your taxes
A calculator gives you a good idea. A portfolio manager coordinates your RRSP, RRIF, TFSA, CPP/QPP and OAS to maximize your after-tax income and make your savings last. Let's talk in a no-cost meeting.
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