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Can I reduce the minimum RRIF withdrawal by joint ownership?



Our response:

You may be referring to using your spouse’s age to lower the minimum required withdrawal from a Registered Retirement Income Fund (RRIF).

If your spouse is younger than you, you can use their age to calculate your minimum amount. This may be a good strategy if you have other sources of income and want to leave your money in your RRIF for as long as possible. You don’t have to have a spousal RRIF or name your spouse as the RRIF beneficiary to use their age for your minimum amount. But you must tell your financial institution that you’re doing so before you make your first RRIF withdrawal. And you can’t change your mind later. Learn more about making withdrawals from a RRIF.

We are not able to provide advice. Speak to a financial advisor for information on making withdrawals from a RRIF, and your options regarding using your spouse’s age for the minimum amount.

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