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Update RRIF payment instructions

Update your RRIF payment amount or frequency to match your retirement income needs. 

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A Registered Retirement Income Fund (RRIF) with Outlook Financial provides a steady income during retirement.

Under current Government of Canada rules, you must begin withdrawing a minimum amount by December 31 of the year following the year your RRIF is opened. 

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Minimum RRIF payments

Your minimum withdrawal is calculated based on:  

  • The date your RRIF was established 
  • Your age (or your spouse’s age) 
  • The balance currently held in the RRIF 

The Government of Canada sets the minimum withdrawal percentages each year, and these rates increase as you age.

Tip: You can choose to base the calculation on your spouse’s age if it provides greater tax efficiency. 

Withholding tax on RRIF withdrawals 
  • ​Withholding tax is assessed on the entire amount if a minimum payment is taken in the year the RRIF is opened. This amount is held by Outlook Financial and remitted on behalf of the member.
  • Withholding tax applies only if you withdraw more than the minimum required amount in a given year. If you take only the minimum annual withdrawal, no withholding tax is deducted, although the amount is still taxable income. 

If you withdraw only the minimum amount each year, no withholding tax is deducted — except in the first year your RRIF is opened, when tax applies to the full amount. 

Change your RRIF payment instructions

You can adjust both the amount and frequency of your RRIF withdrawals at any time. To make changes, complete the Registered Retirement Income Fund Plan Payment Instructions Form and submit it to Outlook Financial. 

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