Budget 2015 proposes to reduce the amount that seniors are required to withdraw from a Registered Retirement Income Fund (“RRIF“) in 2015 and subsequent taxation years. Please find below the comparison between the existing and new minimum RRIF factors.
| Existing and New RRIF Factors | ||
| Age (at start of year) | Existing Factor % | New Factor % |
| 71 | 7.38 | 5.28 |
| 72 | 7.48 | 5.40 |
| 73 | 7.59 | 5.53 |
| 74 | 7.71 | 5.67 |
| 75 | 7.85 | 5.82 |
| 76 | 7.99 | 5.98 |
| 77 | 8.15 | 6.17 |
| 78 | 8.33 | 6.36 |
| 79 | 8.53 | 6.58 |
| 80 | 8.75 | 6.82 |
| 81 | 8.99 | 7.08 |
| 82 | 9.27 | 7.38 |
| 83 | 9.58 | 7.71 |
| 84 | 9.93 | 8.08 |
| 85 | 10.33 | 8.51 |
| 86 | 10.79 | 8.99 |
| 87 | 11.33 | 9.55 |
| 88 | 11.96 | 10.21 |
| 89 | 12.71 | 10.99 |
| 90 | 13.62 | 11.92 |
| 91 | 14.73 | 13.06 |
| 92 | 16.12 | 14.49 |
| 93 | 17.92 | 16.34 |
| 94 | 20.00 | 18.79 |
| 95 & over | 20.00 | 20.00 |
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