With a Registered Retirement Income Fund (RRIF), you need to withdraw a minimum amount every year. This minimum is determined for you by the Canadian government based on your age and will be visible to you through the Wealthsimple Managed Investing & Save website.
When you withdraw more than your annual minimum, the extra amount you withdraw will be subject to a withholding tax. We'll automatically take the holding tax out of your withdrawal and pay it to the government. The amount of withholding tax we send depends on which province you live in.
| If you withdraw: | Withholding tax rate (excluding Quebec): | Withholding tax rate (Quebec residents): |
| Up to $5,000 | 10% | 20% |
| Between $5,001 and $15,000 | 20% | 25% |
| More than $15,001 | 30% | 30% |
During the calendar year that you convert your RRSP into an RRIF, there is no minimum withdrawal requirement. Any withdrawal made during this year will be subject to a withholding tax. This minimum will come into effect the following calendar year.
How to make a withdrawal
When you make a withdrawal from an RRIF, you can choose whether to withdraw your annual minimum amount, or some other amount.
- Visit my.wealthsimple.com and sign in to your Managed Investing & Save account
- Select the Move Funds menu item
- Choose Withdraw funds
- In the From field, select your RRIF
- In the To field, select your desired account
- Choose your Reason for withdrawal
- Under Amount, you can select either Minimum or Other
- Select your Frequency
- Set withdrawal
Converting your RRSP to an RRIF
If you're under the age of 71 and wish to convert your RRSP into an RRIF, you will need to contact our support team.
If you are over the age of 71 and would like to convert your RRSP into an RRIF, you can see below for more information. You will need to contact our support team in order to have your account converted.
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