Your investing questions, our clear answers.

Our response:

A Registered Retirement Income Fund does not have a maximum withdrawal amount, only a minimum. You can go beyond the minimum required withdrawal amount but keep in mind that all withdrawals are fully taxable. If you take out more than the minimum amount, you’ll pay withholding tax on the excess amount. Your financial institution will hold back an amount, based on the withholding tax rates, and pay it directly to the government on your behalf. You may find this RRIF Withdrawal Calculator useful to estimate how long savings in your RRIF will last in retirement.

Withholding tax rates are different for taxpayers in Quebec. Learn more about withholding rates in Quebec.

Speak with a registered financial representative for advice that fits your personal and financial situation.