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There are two key decisions you must make with a Registered Retirement Income Fund (RRIF), how much money to take out and when. You can choose your withdrawal amounts as long as you make the minimum annual withdrawal, which is a set percentage determined by the government. As you get older, this percentage increases. All withdrawals are subject to tax. The minimum withdrawal amount for RRIFs established in 2015 and later years continue to be calculated with the formula 1/(90 – age) for ages 70 and under. For ages 71 and above, new factors in the 2015 federal budget are used to calculate the minimum amount.

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