Minimum withdrawal rates for Registered Retirement Income Funds vary based on age and whether an RRIF was set up before or after 1992, explains CIBC Wood Gundy. For RRIFs set up after 1992, these range from 4 percent at age 65 to 20 percent at age 95 and above.
The federal government requires taxpayers to convert their tax-deferred Registered Retirement Savings Plans to RRIFs by age 71, explains TaxTips.ca. Although conversion is possible as of age 65, there is normally no benefit to it at that point. Upon conversion, an individual does not need to sell the assets in his account, but rather must begin to make withdrawals of the fair value of his savings at the specified rates in order to begin including amounts in his income. No withdrawal is necessary in the year of conversion.