Receiving income from a RRIF
Yearly minimum amount from a RRIF
Starting in the year after the year you establish a RRIF, you have to be paid a yearly minimum amount. The payout period under your RRIF is for your entire life. Your carrier calculates the minimum amount based on your age at the beginning of each year. However, you can elect to have the payment based on your spouse’s or common-law partner’s age.
You can withdraw more, but not less than the minimum.
Amounts deemed received on deregistration of a RRIF
If, in 2023, your RRIF was changed and it no longer satisfies the rules under which it was registered, it is no longer a RRIF. It is now an amended plan or fund. In such a case, we consider you to have received, in 2023, an amount that equals the fair market value of all the property the plan or fund held at the time it ceased being a RRIF.
Note
If the RRIF from which you receive excess amounts in 2023 is a spousal or common-law partner RRIF, your spouse or common-law partner may have to include income for all or part of the amount received. For more information, see Withdrawing from spousal or common-law partner RRSPs.
Other income and deductions from a RRIF
You may have to include other RRIF amounts in your income, or you may be able to deduct other amounts for 2023. This applies if, in 2023, your RRSP or RRIF trust acquires or disposes of a non-qualified investment. It also applies if trust property was used as security for a loan, sold for an amount less than its fair market value, or the trust acquired property for an amount more than its fair market value. If the amount in box 22 of your T4RIF slip appears in brackets (negative amount), claim it on line 23200 of your income tax and benefit return.
If you receive the amounts because your spouse or common-law partner died, or if you were 65 or older on December 31 of the tax year in which you received the amounts, report these amounts on line 11500 of your income tax and benefit return. In all other cases, report the amounts on line 13000 of your income tax and benefit return.
- If these amounts are transferred to your RRSP, fill out and submit a Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities, and deduct the amount on line 20800 of your income tax and benefit return
- If the funds are transferred to a RRIF or to an annuity, deduct the amount on line 23200 of your income tax and benefit return
If these amounts were received other than due to the death of your spouse or common-law partner, or if you were not 65 or older on December 31 of the tax year in which you received the funds, report these amounts on line 13000 of your income tax and benefit return.
- If these amounts are transferred to your RRSP, fill out and submit a Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities, and deduct the amount on line 20800 of your income tax and benefit return
- If the amounts are transferred to a RRIF or to an annuity, deduct the amount on line 23200 of your income tax and benefit return
Note
You can claim the pension income amount when you receive RRIF income if you were 65 or older on December 31 of the year or if you receive the RRIF income due to the death of a spouse or common-law partner.
Forms and publications
- Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities
- Guide T4040, RRSPs and Other Registered Plans for Retirement
- Information Sheet RC4177, Death of an RRSP Annuitant
- Information Sheet RC4178, Death of a RRIF Annuitant, PRPP Member, or ALDA Annuitant
- Form T1090, Joint Designation on the Death of a RRIF Annuitant, PRPP Member, or ALDA Annuitant
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