RRSP to RRIF Calculator Canada

What the RRSP to RRIF calculator does

You must close your RRSP by the end of the year you turn 71, and most people convert it into a Registered Retirement Income Fund, which stays invested and tax-sheltered but requires a minimum withdrawal each year. Enter the balance you expect at conversion, the conversion age and your expected return, and the tool projects your first-year income, total income to age 95 and the balance likely to remain.

Why the conversion decision matters

Before conversion an RRSP is something you contribute to; afterwards a RRIF is something you draw from, with minimums that rise every year. Timing and the income plan affect your tax and how long the money lasts. Some people convert at 71 to defer taxable income as long as possible; others convert earlier, at 65 for example, for a steady income and to use the pension income tax credit and pension income splitting, which RRIF income qualifies for from 65.

How the projection works

From the conversion age, each year’s withdrawal is the balance times the CRA prescribed minimum factor for your age. The rest grows at your expected return and carries forward, with a higher factor at each older age. The tool models minimum-only withdrawals, the baseline the RRIF must pay; you can always take more.

A worked example

Converting $300,000 at 71 with a 5% return, the 5.28% factor gives a first-year income of $15,840, about $1,320 a month, leaving $284,160 to grow. Taking only the minimum, the RRIF pays about $481,186 in total to age 95 and still holds about $85,926.

Converting the same $300,000 at 65, the factor is 4% and the first-year income $12,000, about $1,000 a month. Total income to 95 is about $571,677 because withdrawals start six years earlier, with about $87,505 left at the end.

Will the fund run down?

On minimum-only withdrawals, rarely within a normal lifespan. Early minimums are a modest slice of the balance and the rest keeps compounding; the balance falls in earnest only when the factor reaches double digits later in retirement. Withdrawing well above the minimum depletes it faster, so use the projection to judge how much extra income your plan can support.

Using the result

Compare conversion ages. Converting earlier starts income sooner and may unlock credits, but begins the mandatory drawdown earlier. Converting at 71 defers taxable income but concentrates it in later years when factors are higher.

Partial conversions and other options

You can convert part of an RRSP and leave the rest until later, as long as the whole account is wound up by the end of the year you turn 71. A partial conversion can produce just enough RRIF income to claim the pension income tax credit or start pension splitting with a lower-income spouse, which for some couples is reason enough to convert a portion at 65.

The same savings can also buy a life annuity, a guaranteed income for life that removes market risk and the work of managing withdrawals, at the cost of flexibility and estate value. Many retirees combine a RRIF for flexibility with an annuity for a secure base.

Things to keep in mind

The projection assumes a steady return and minimum-only withdrawals. It does not model tax on RRIF income, the option to base the factor on a younger spouse’s age, or annuities, and rules and factors can change. Confirm the details with your financial institution and a qualified advisor before acting.

This is general information, not financial advice.

About This RRSP to RRIF Calculator

Use this RRSP to RRIF 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.