If I defer my first RRIF withdrawal until age 72, does the withdrawal double?
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Our response:
The federal government sets the minimum amount you must take out of your RRIF every year. You can open a RRIF anytime, but no later than the end of the year you turn 71. You have to start withdrawing money from the RRIF in the year after you open it. The minimum amount increases as you get older. For example, if you are 71 on January 1, the minimum amount is 5.28%. If you are 72 on January 1, the minimum amount is 5.40%. Learn more about RRIFs.
We are not able to provide financial advice. Speak to a registered financial advisor or tax professional to learn more about making withdrawals from a RRIF.