After opening a RRIF you are required to withdraw the annual minimum payment (AMP) each year. There is no maximum withdrawal limit. You could review theRRIF minimum payment scheduleto determine your AMP percentage based on your age. The money in your RRIF is considered taxable income in the ...
This can be any amount, as long as you meet the minimum annual withdrawal as set out by federal regulations. Report withdrawals as income on your tax returns. RRIF funds are taxable in the year you withdraw them. An RBC advisor can help you create a plan to minimize taxes and lower the...