If you have not made any changes to your RIF payment, the same payment frequency and any other special instructions will carry over to the new year. No further action is required on your part.
If you are eager to know the amount for the new year, you can easily calculate your minimum withdrawal amount with a simple formula. All you need is your current age and the value of your account as of the last day of the prior year (which can be found on your year-end statement). Please consult the Canada Revenue Agency’s prescribed factor page (attached) for a table of percentage based on your current age.
Here is a helpful example:
If your market value was $100,000 on Dec 31 and you are 75 years old, then according to the CRA table your prescribed factor is .0582. So, your minimum RIF Payment will be 100,000 x 5.82% = $5820.00
In accordance with government regulations, a minimum amount must be withdrawn from your Income Plan each year. Additional withdrawals over and above this minimum amount are permitted, subject to applicable withholding tax.
Looking to make changes to your RIF/LIF payments?
- If you wish to make changes to your withdrawal amount please download and fill out the RIF Payment Change Form.
- If you wish to make an excess RRIF/LIF payment (subject to Withholding Tax and the partial deregistration fee of $50) please complete the Deregistration Form.
You can submit forms using any of the following contacts methods based on your preference.
Qtrade Direct Investing
700 - 1111 West Georgia Street
Vancouver, BC V6E 4T6