RRIF Payment Calculator
ACalculator can find out the minimum, maximum, or fixed amount of payment to be made on a Registered Retirement Income Fund (RRIF). The RRIF is good for those who want a stable but guaranteed income. You don’t need to contribute separately to the RRIF account as your RRSF account will be linked to this one. These registered incomes are taxable during withdrawal.
- Calculating assumptions
- ACalculator has certain assumptions to calculate RRIF payment. For the ‘Minimum required payments starting immediately’ it is assumed that you will start payment after year of your initial investment year. For example, if the account is initiated on 2014, your payment should not start before 1st January of 2015. Another assumption is that, you will not make any withdrawal during 2014 as per our example.
- Birth date
- Your date of birth to calculate your current age.
- Start date
- The date when the account was started.
- Initial investment amount
- The starting balance of the RRIF account.
- Interest rate
- The expected rate of annual return.
- Fixed monthly payment
- The fixed amount of monthly payment. This amount should not fall below the minimum required payment.
- Fixed number of years
- The minimum payment for a fixed number of years for RRIF distributions. This amount should also not fall below the minimum required payment.