Your investing questions, our clear answers.

Our response:

We are not able to provide advice. However, general information is provided below. For more information, speak to a registered financial advisor.

Your question may be referring to the option to make withdrawals from a Registered Retirement Income Fund (RRIF) using your spouse’s age. If your spouse is younger than you, you can use their age to calculate your minimum amount. 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. However, 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.

If you have already started making withdrawals from your RRIF, you cannot start making withdrawals using your spouse’s age. In addition, regardless of age, you cannot make a tax-free withdrawal. A RRIF can be set up at any time, and a schedule of minimum withdrawals must be followed starting the year after a RRIF is opened. Learn more about making RRIF withdrawals.