Withdraw from your RRIF

With a Registered Retirement Income Fund (RRIF), you must withdraw a minimum amount every year starting in the calendar year after the year you open the account. The withdrawn funds are considered income and should be considered for your own tax reporting purposes.

Find your minimum withdrawal amount

Your minimum withdrawal amount is determined for you by the Canadian government based on your age.

You can reference this table from the CRA for benchmarks on how much you’re required to withdraw at different ages.

Note: If you do not make a withdrawal for your minimum amount by the end of the calendar year, the CRA requires us to manually make a withdrawal on your behalf.

To find your minimum withdrawal amount, follow these steps:

Web Mobile app

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 will see your minimum

Log in to your Wealthsimple mobile app
Tap the icon with two arrows at the bottom of your screen
Select the Withdraw menu item
Select your RRIF and tap Next
Choose the destination for your withdrawal and tap Next
Here, you will see your Yearly minimum remaining which is the amount you must withdraw by the end of the calendar year

Withdrawing more than your minimum amount

If you withdraw more than your annual minimum, the extra amount will be subject to a withholding tax. We'll automatically deduct the holding tax from 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.

Example

If you convert your RRSP this calendar year into a RRIF, you aren’t required to withdraw any amount from your RRIF until the following calendar year. If you decide to withdraw funds this year, it will be subject to withholding tax.

The following calendar year, you will be required to withdraw the minimum amount which won’t be subject to withholding tax. Any amount withdrawn over the minimum in the next calendar year will be subject to withholding tax.

How to make a withdrawal

To make a withdrawal, follow these steps:

Web Mobile app

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

Log in to your Wealthsimple mobile app
Tap the icon with two arrows at the bottom of your screen
Select the Withdraw menu item
Select your RRIF and tap Next
Choose the destination for your withdrawal and tap Next
Enter an amount and tap Review
Confirm your withdrawal details and Submit your withdrawal

Note: The yearly minimum remaining is the amount of money that you have to withdraw by the end of the calendar year.

Note: When you make a withdrawal from an RRIF, you can choose whether to withdraw your annual minimum amount or some other amount. You must withdraw the minimum amount by the end of the calendar year. You may choose to withdraw up to the full account balance, however any amount greater than your minimum will be subject to withholding tax

Find your minimum withdrawal amount

Withdrawing more than your minimum amount

How to make a withdrawal

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