What is the minimum RRIF withdrawal shown on my statement?

Your RRIF statement shows the minimum amount you are required to withdraw from your RRIF in the current calendar year, as calculated by the CRA. The minimum is based on your account value on January 1 multiplied by a prescribed factor tied to your age (or your younger spouse''s age if you elected to use it). For example, at age 72 the factor is 5.40%, so a $300,000 RRIF must pay out at least $16,200 that year. There is no maximum — you can withdraw more than the minimum at any time.

Is RRIF income taxable?

Yes. Every dollar withdrawn from a RRIF is fully taxable as ordinary income in the year it is received, regardless of whether it came from original contributions or investment growth. Your financial institution withholds income tax at source before depositing the net amount, though the withholding rate on minimum withdrawals is 0% — and you will owe any remaining tax at filing. Amounts above the minimum have withholding applied at the standard rates (10–30% federally depending on amount).

What does "YTD withdrawals" mean on my RRIF statement?

YTD (year-to-date) withdrawals is the total amount you have taken out of your RRIF so far in the current calendar year. This is important for two reasons: (1) it shows whether you have already met your minimum withdrawal for the year, and (2) in combination with your T4RIF slip, it is used to report all RRIF income on your tax return for the year.

What is a T4RIF slip and when do I receive it?

A T4RIF is the tax slip your financial institution issues each February showing the total RRIF withdrawals you received during the prior calendar year, including any income tax withheld at source. You use it to complete Box 115 (other pension income) or Box 16 (qualifying pension income for the pension income credit) on your T1 tax return. Your institution must issue the T4RIF by the last day of February.

Can I choose who receives my RRIF when I die?

Yes. You should name a beneficiary directly on your RRIF contract, not just in your will. A named spouse or common-law partner can receive the RRIF as a "successor annuitant" — meaning they take over the account without it collapsing and without tax. A named non-spouse beneficiary receives the fair market value of the RRIF as income on the deceased''s final return (taxed), with the estate paying the resulting tax bill. Without a named beneficiary, the RRIF goes through your estate and is subject to probate.

How to Read Your RRIF Statement in Canada (2026)

Sections of a RRIF Statement

Section	What It Shows	What to Check
Account holder	Your name, account number, SIN on file	Verify beneficiary designation is current
Statement period	Date range covered	Ensure it covers the full calendar year if annual
Market value	Total account value at current prices	Baseline for next year’s minimum withdrawal calculation
Opening market value	Account value at start of period	Cross-reference to last statement’s closing value
Minimum withdrawal for year	The legislated minimum amount for the current calendar year	Must be withdrawn by December 31
YTD withdrawals	Total withdrawn so far this year	Track against minimum; paid out as T4RIF income
Withholding tax remitted	Tax withheld on withdrawals above the minimum	Shown on your T4RIF slip in February
Holdings detail	Each investment held in the RRIF	Review allocation; RRIF funds should be lower-risk over time
Transactions	Full record of withdrawals, buys, sells, dividends	Verify all withdrawals match your expectations
Successor annuitant / Beneficiary	May appear as a note on the statement	Confirm the designation is current

RRIF Minimum Withdrawal Rates by Age (2026)

Age on January 1	Minimum Withdrawal Factor	Annual Minimum on $300,000 RRIF
65	4.00%	$12,000
70	5.00%	$15,000
71	5.28%	$15,840
72	5.40%	$16,200
75	5.82%	$17,460
80	6.82%	$20,460
85	8.51%	$25,530
90	11.92%	$35,760
95+	20.00%	$60,000

Minimum is calculated on January 1 account value × factor for your age. You can use your younger spouse’s age to reduce the minimum.

How RRIF Withdrawals Appear on Your Statement

Transaction Type	What It Means	Tax Treatment
Minimum withdrawal	Required annual drawdown	Taxable income; 0% withholding at source
Voluntary excess withdrawal	Amount above the minimum you chose to take	Taxable income; withholding applies
In-kind withdrawal	Securities transferred out rather than sold for cash	Taxable on fair market value at time of transfer
Spousal rollover on death	Transfer to surviving spouse’s RRIF/RRSP via successor annuitant	Tax-deferred; no immediate tax
Final year minimum	Prorated if RRIF opened partway through the year	Minimum applies from year after conversion

Withholding Tax on RRIF Withdrawals

Withdrawal Amount	Federal Withholding Rate	With Quebec
Minimum withdrawal only	0%	0%
Excess up to $5,000	10%	Federal 5% + QC 14%
Excess $5,001–$15,000	20%	Federal 10% + QC 14%
Excess over $15,000	30%	Federal 15% + QC 14%

Note: 0% withholding on the minimum does not mean 0% tax rate. You will owe tax on the full minimum at your marginal rate when you file. Setting aside money for April 30 or requesting voluntary tax withholding from your institution avoids a surprise bill.

Reading Your Holdings in a RRIF

Column	What It Means	RRIF-Specific Consideration
Market value	Current worth of each holding	January 1 value determines next year’s minimum
Asset allocation breakdown	% in equities, fixed income, cash	RRIF allocations typically shift toward income/bonds over time
GIC maturity dates	When GICs mature inside the RRIF	Ensure liquidity to meet minimum withdrawals — avoid locking all funds in GICs
Cash balance	Uninvested cash in the account	Used to fund withdrawals without selling investments

Your T4RIF Slip vs Your Statement

Item	RRIF Statement	T4RIF Slip
Total withdrawals	Shown in YTD withdrawals	Box 16 (qualifying pension) or Box 24 (total)
Tax withheld	Shown in withholding section	Box 28
Annuity out of RPSP	Not applicable	Box 22 if applicable
When available	Year-round on online portal	Issued by end of February
Used for	Planning and monitoring	Required to file your T1 tax return

Important: The pension income credit (federal 15% × up to $2,000 = $300 credit) applies to eligible RRIF income starting at age 65. Box 16 of your T4RIF confirms whether your withdrawals qualify.

What to Do When You Receive Your RRIF Statement

Action	Why
Confirm minimum withdrawal is on track	Missed minimum withdrawal triggers a 1% per month CRA penalty on the shortfall
Verify beneficiary or successor annuitant designation	Life changes (divorce, death of named person) require updating
Check if GIC maturities cover upcoming withdrawals	Prevent forced selling of equity positions to fund minimum payments
Review asset allocation drift	As the account draws down, a more conservative mix reduces sequence-of-returns risk
Compare January 1 value to prior year	Lower January 1 value = lower minimum for the coming year (beneficial in a down market)
Match T4RIF totals in February against your records	Discrepancies must be resolved before filing your return

Pension Income Splitting with RRIF Income

Rule	Detail
Eligible income to split	RRIF income qualifies once you are 65 or older
Maximum split	Up to 50% of eligible RRIF income to your spouse
Form required	T1032 (Joint Election to Split Pension Income)
Benefit	Moves income to a lower-bracket spouse; reduces combined tax; may reduce OAS clawback
Election is annual	Must be made each tax year; not automatic