Calculators

Retirement/RRSP

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 created from a transfer of funds from an RRSP or another RRIF. The funds in a RRIF are tax-deferred. Amounts paid out of a RRIF are taxable on receipt.

Definitions

Start date

This calculator assumes that your payments will begin on January 1st of the year following the date you have entered as the start date.

Birth date

Enter your date of birth in Month/Day/Year format. Your age at the beginning of the year is calculated and displayed on the Report.

Initial investment amount

The initial investment you have placed (or will place) in your RRIF plan.

Interest rate

Please use a realistic rate. Consult with an investment professional for an appropriate rate of return.

Payment calculations

If you choose "Minimum required payments", only your minimum required payment will be calculated. Your required minimum payment will change each year as you grow older. We assume that you will not elect to take payments in the year you start the RRIF since this would result in exceeding the minimum amount and would be subject to withholding taxes. If you do elect to take payments in the year you open the RRIF, please use the Fixed Payment Option.

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.

The "Fixed monthly payment" allows you to select a fixed monthly payment and calculate how long your RRIF will last. If you have requested a payment in a partial year (i.e. Start Year), you should use the Fixed Monthly Payment option.

Payment in the first year

If you do elect to take payments in the year you open the RRIF, please use the Fixed Payment Option.