Retirement Withdrawals and RRIFs in Canada
Withdrawal order, RRIF rules, annuities and pension income splitting.
Saving is half of retirement; spending it in a tax-smart order is the other half. This hub is for Canadians who are retired or close to it and want to draw income from RRSPs, RRIFs, TFSAs and taxable accounts without paying more tax or losing more benefits than necessary.
Start with the withdrawal strategy guide, then the RRSP-to-RRIF conversion and RRIF minimum guides. The meltdown, bucket and annuity guides cover the main strategies, and pension income splitting shows how couples can share income on the return. Rules link to the CRA for the year named.
CPP and OAS timing has its own hub, because the start date interacts with every withdrawal decision here.
What this hub helps you decide:
- Which account should I draw from first?
- When should I convert my RRSP to a RRIF?
- Should I take only the RRIF minimum?
- Can my spouse and I split pension income?
Updated November 2026 · 7 guides by Andrew
Start here
- The Retirement Withdrawal Strategy That Could Save You $100K+ in Taxes
- Converting Your RRSP to a RRIF: Timing, Age 71, and Using a Younger Spouse’s Age
- RRIF Minimum Withdrawals 2026: Table and Strategy
- The RRSP Meltdown Strategy: Why Drawing Down Early Could Save You Thousands
- Pension Income Splitting in Canada: Who Qualifies and How Form T1032 Works
New to retirement? Read the overview first: How to Build a Canadian Retirement Plan in 7 Steps.
All Withdrawals & RRIFs guides
RRIF Minimum Withdrawals 2026: Table and Strategy
RRIF minimum withdrawal table for 2026: 5.28% at 71 to 20% at 95+, the 1 ÷ (90 − age) rule under 71, spouse-age election, and withholding above the minimum.
Converting Your RRSP to a RRIF: Timing, Age 71, and Using a Younger Spouse’s Age
December 31 of the year you turn 71 is the last day you can contribute to an RRSP. By then you withdraw the plan, transfer it to a RRIF, or buy an annuity. A direct transfer is not withheld.
Pension Income Splitting in Canada: Who Qualifies and How Form T1032 Works
You can allocate up to 50% of eligible pension income to a spouse or common-law partner on Form T1032. RRIF income qualifies at 65. OAS and CPP do not qualify. Both of you must be Canadian residents on December 31.
Annuities in Canada: When Buying Guaranteed Income Makes Sense
At 71, CRA lets you buy an annuity with your RRSP instead of withdrawing it or opening a RRIF. An ALDA can start as late as the year you turn 85. The 2026 lifetime ALDA dollar limit is $180,000, and transfers are also capped at 25% of the plan. No national payout rate was published.
Investing in Retirement: The Bucket Strategy & How to Protect Your Portfolio
A 30% market crash in your first year of retirement can permanently destroy your portfolio — even if markets fully recover the next year.
The Retirement Withdrawal Strategy That Could Save You $100K+ in Taxes
Drawing from the wrong account in the wrong year can cost a Canadian retiree over $100,000 in unnecessary taxes over a 25-year retirement.
The RRSP Meltdown Strategy: Why Drawing Down Early Could Save You Thousands
Why drawing an RRSP down before age 71 can change RRIF tax and OAS recovery, and the timing mistakes that make an early withdrawal backfire.