Converting your RRSP to a RRIF is a milestone moment in retirement planning. By December 31 of the year you turn 71, every RRSP must be converted. Here's what Ontario retirees need to know in 2026.
RRIF Minimum Withdrawal Rules
Once you open a RRIF, the CRA requires you to withdraw a minimum amount each year, calculated as a percentage of your January 1 balance. These percentages increase with age:
| Age | CRA Rate | On ,000 Balance |
|---|---|---|
| 71 | 5.28% | ,400 |
| 75 | 5.82% | ,100 |
| 80 | 6.82% | ,100 |
| 85 | 8.51% | ,550 |
| 90 | 11.92% | ,600 |
| 95+ | 20.00% | ,000 |
Tax Planning Strategies
- Use spouse's younger age: If your spouse is younger, you can base RRIF withdrawals on their age, reducing minimums
- Strategic Meltdown: Withdraw above the minimum in lower-income years before OAS/CPP start, at a lower marginal rate
- Pension Income Splitting: Up to 50% of RRIF income can be split with your spouse at age 65+, potentially saving thousands in Ontario surtax
- Consider TFSA conversion: Move excess RRIF withdrawals to your TFSA to continue tax-free growth
OAS Clawback and RRIF Withdrawals
Watch out: Large RRIF withdrawals push income above $95,323 and trigger the 15% OAS clawback. Plan withdrawals to stay below this threshold when possible.
Can I have more than one RRIF?
Yes. You can convert multiple RRSPs into multiple RRIFs. However, minimum withdrawal percentages apply to each RRIF separately based on your age (or spouse's age if elected). Some people consolidate to simplify management.
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