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Decreasing the minimum withdrawal rate from Registered Retirement Income Funds by 25%

Christopher Penney
Published on April 2, 2020 PDF(opens a new window)

Registered Retirement Income Fund (RRIF) holders are required to withdraw a prescribed percentage of their RRIF each year. The prescribed amounts are determined by the holder’s age, or optionally the age of their spouse. This policy calls for the reduction of the prescribed minimum withdrawal rates from RRIFs by 25% across all ages. This would be in effect for the 2020 calendar year only. This policy has an estimated total cost of 506.5 million in the 2020-2021 fiscal year. Consistent with the current time horizon for our Economic and Fiscal Scenario, costs are only presented up to March 31st, 2021.

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