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 69.
Canada Revenue Agency stipulates that a minimum payment must be withdrawn from your RRIF each year and reported as income.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.
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 current 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:
- 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.
- The "Maximum payment for a fixed number of years" calculates your monthly and annual payment based on a fixed number of years that you enter.
- A "Fixed monthly payment" allows you to select a fixed monthly payment and calculate how long your RRIF will last.
- 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.
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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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