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Calculating 2023 RRIF Minimum Withdrawals

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As 2022 draws to a close, clients with an existing Registered Retirement Income Fund (RRIF) account, and those who converted their RRSPs into a RRIF this year, are looking to better understand what their RRIF withdrawals will look like for 2023. The attached information sheet provides rules for calculating 2023 minimum RRIF withdrawals and some illustrative examples.

The table on page 1 provides the RRIF minimum calculated amount for ages 65 and over and can be used in discussions with clients to review their particular situation.

Please reach out to us for all your RRIF withdrawal questions.

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