LIF Calculator
This LIF calculator works out the minimum and maximum you can withdraw from a Life Income Fund in Canada this year, based on your age and balance.
What it does
The LIF Calculator shows the allowed withdrawal range from a Life Income Fund this year: both the mandatory minimum and the regulated maximum, based on your age and balance.
Data sources & parameters
The figures below drive this calculator. We keep them aligned with the latest official guidance, and each result recalculates automatically whenever a value changes.
| Parameter | Value | Source | Last updated |
|---|---|---|---|
| RRIF minimum withdrawal factor by age | Rate schedule | laws-lois.justice.gc.ca | Effective 2025-01-01Every factor re-checked line by line against Income Tax Regulations s. 7308(4); the citation now points at the regulation rather than a third-party summary. |
| Federal LIF maximum withdrawal factor by age for 2026: one divided by the value of $1 a year payable to the year the holder turns 90, discounted at 3.49 per cent for 15 years and 6 per cent after. | Rate schedule | laws-lois.justice.gc.ca, bankofcanada.ca | Effective 2026-01-01Rebuilt from Pension Benefits Standards Regulations 1985 s.20.1(1)(d) using the November 2025 Bank of Canada yield on Government of Canada bonds over 10 years, 3.49 per cent (series V122487). The old table was a flat 6 per cent schedule. |
| RRIF prescribed factors, general rule: the table starts at 71, its top row applies at 95 or older, and below the table the factor is 1/(90 – age) | Rate schedule | laws-lois.justice.gc.ca | Effective 2026-01-01Below 71 the prescribed factor is 1/(90 – age); the published table runs from 71 and its top row applies from 95 (Income Tax Regulations s. 7308(4)). |
We always strive to use the latest data for every variable so our results and reports are as accurate as possible. Even so, errors are possible — you should not rely on this tool or its report alone, and we accept no liability for any decision made based on it.
The formula
Minimum = balance x RRIF minimum factor; Maximum = balance x LIF maximum factor
How it works
It multiplies your start-of-year balance by the RRIF minimum factor for the minimum, and by the federal LIF maximum factor for the maximum, then shows the flexible range between them.
Where it is used
- Finding the most you may withdraw from a LIF this year
- Checking the required minimum from a LIF
- Understanding the min-to-max withdrawal range
Worked example
At age 71 with CA$200,000.00 in a LIF, you must withdraw at least … and may withdraw up to …, a flexible range of ….
What the LIF calculator does
A Life Income Fund is how many Canadians draw retirement income from money that was locked in a pension plan. It works much like a RRIF, but it has a maximum withdrawal each year as well as a minimum. The calculator shows both from your age and balance, along with the range you can choose within.
Why a LIF has a ceiling as well as a floor
The money came from a pension designed to provide income for life, so the rules cap how quickly the fund can be emptied. The minimum works the other way: like a RRIF, a LIF must pay out at least a prescribed percentage each year, so the sheltered balance gradually becomes taxable income.
How the two limits are calculated
The minimum is your start-of-year balance times the RRIF minimum factor for your age. The maximum is the balance times the LIF maximum factor for your age. The range is the maximum minus the minimum, and since both are percentages of the same balance, the range scales directly with it.
A worked example
You are 71 with $200,000 in a federal LIF. The RRIF minimum factor at 71 is 5.28%, so the minimum is $10,560. The federal LIF maximum factor at 71 for 2026 is about 7.08%, so the maximum is about $14,160.80, roughly $1,180 a month. The range for the year is about $3,600.80: you must take at least $10,560 and may take up to $14,160.80.
With $100,000 instead, every figure halves: a minimum of $5,280, a maximum of about $7,080.40 and a range of about $1,800.40.
Using the range to plan income
- Take the minimum to preserve capital if you have other income and want the LIF to last.
- Take the maximum if you need more cash flow now.
- Coordinate with tax: every withdrawal is taxable, so where you sit in the range affects your taxable income and income-tested benefits such as Old Age Security and the Guaranteed Income Supplement.
The federal maximum factors
The tool uses the federal LIF maximum factors for 2026, built from the formula in section 20.1(1)(d) of the Pension Benefits Standards Regulations, 1985: the balance divided by the value of one dollar a year payable to the year the holder turns 90, discounted at the November yield on long-term Government of Canada bonds for the first fifteen years and at 6% after that. The November 2025 yield was 3.49%, so the 2026 factor at 65 is 6.03% rather than the 7.38% a flat 6% schedule would give. Several provinces use the flat schedule, so a provincially regulated LIF can allow a noticeably larger withdrawal on the same balance. The factors change every year with the November yield.
How LIF rules vary across Canada
A federally regulated LIF, from industries such as banking, telecommunications and interprovincial transport, follows the federal Pension Benefits Standards Act. Provincially regulated LIFs follow their own regulators, such as Ontario’s FSRA, Alberta’s and British Columbia’s rules, or Retraite Québec, and several publish their own maximum factor tables. Some jurisdictions let you unlock part of the account, often a one-time transfer of up to half the balance to a RRIF or RRSP, and Quebec runs a distinct regime. The tool’s figures are a close estimate for a federal LIF and an approximation elsewhere.
How a LIF compares with a RRIF
Both are tax-sheltered income accounts with the same minimum factors and taxable withdrawals. A RRIF has no maximum, so you can draw large amounts early in retirement; a LIF caps each year, so large one-off needs may have to come from other savings. Unlocking part of a LIF to a RRIF, where allowed, removes the cap on that part.
Common mistakes and planning tips
The minimum is a floor and the maximum a ceiling, not a target; anywhere in between is allowed. Only the part above the minimum has tax withheld at source, but the whole withdrawal is taxable when you file. Withdrawals are reported on a T4RIF slip. Confirm the exact minimum, maximum and any unlocking options with your financial institution, and check the tax consequences with a qualified professional.
Things to keep in mind
The calculator does not model tax, unlocking provisions or a year-by-year projection.
This is general information, not financial advice.
About This LIF Calculator
Use this LIF calculator to get an instant, accurate estimate. The figures follow official CRA guidance and every rate and threshold is kept up to date for 2026. Adjust the inputs above to match your situation, or browse all our calculators to plan your next step.
Tax year 2026
Frequently asked questions
What is a Life Income Fund?
Why does a LIF have a maximum withdrawal?
How are the minimum and maximum worked out?
Which rules apply to my LIF?
Can I withdraw between the minimum and maximum?
Is my data private?
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