RRIF Withdrawal CalculatorRRIF vs LIF: Withdrawal Rules, Maximums and Unlocking
RRIF vs LIF, in short: both pay you a retirement income from registered savings, and both use the same yearly minimum from the Income Tax Regulations. The difference is where the money came from. A life income fund holds locked-in pension money, so pension law adds a yearly maximum and allows lump sums only in a few set situations. An ordinary RRIF has a minimum and no maximum.
Checked against CRA, OSFI and provincial regulators on October 8, 2026.
RRIF vs LIF at a glance
| Feature | RRIF | LIF |
|---|---|---|
| Money it holds | Registered savings, for example from an RRSP | Locked-in pension money, for example from a LIRA or a pension plan |
| Rules come from | Income Tax Act and Income Tax Regulations | Income Tax Regulations for the minimum; federal or provincial pension law for the maximum and unlocking |
| Yearly minimum | Yes, from the year after you open it | Yes, from the same Income Tax Regulations |
| Yearly maximum | None | Yes, set by the pension law that governs the LIF |
| First year | Minimum is nil | Federal and Ontario maximums are prorated by the months left in the year |
| Lump sums | Any amount, as taxable income | Generally only through an unlocking option |
| Pension income splitting at 65 | Eligible | Eligible |
| This site's calculator | Works out the minimum | Works out the minimum only, not the maximum |
What a LIF is: locked-in pension money
Ontario's regulator says locked-in money in a LIRA, LIF or LRIF "generally can only be used to provide income after retirement" (FSRA, Pension Unlocking: Non-Hardship). A life income fund is the account that pays that income. OSFI describes federal LIFs and restricted LIFs (RLIFs) as personal retirement income funds whose withdrawals are "subject to minimum and maximum annual withdrawal limits" (OSFI, Life Income Funds, Restricted Life Income Funds, and Variable Benefits Accounts).
The pension law that governed your plan decides the details. Federally regulated money follows OSFI and the Pension Benefits Standards Regulations, 1985; Ontario money follows FSRA; BC money follows BCFSA. In BC you can open a LIF from age 50 if you hold a LIRA, or by direct transfer from a pension plan (BCFSA, LIRAs and LIFs). Other provinces have their own rules, so check with your pension regulator or financial institution.
An ordinary RRIF carries none of these pension limits. You can open one with RRSP savings; the RRSP to RRIF conversion guide covers that route and the age 71 deadline.
LIF withdrawal rules: the minimum matches the RRIF
On the minimum, RRIF vs LIF is a tie. OSFI: "The minimum annual withdrawal amount is determined under the Income Tax Regulations and the maximum annual withdrawal amount is determined under the Pension Benefits Standards Regulations, 1985." BCFSA says the same for BC LIFs.
The Income Tax Regulations are where the RRIF factors live (s. 7308). Under 71 the factor is 1 / (90 minus your age at the start of the year); from 71 it follows a fixed table.
| Age on January 1 | Minimum factor | Minimum on $100,000 |
|---|---|---|
| 60 | 3.33% (1 / 30) | $3,333.33 |
| 65 | 4.00% (1 / 25) | $4,000.00 |
| 70 | 5.00% (1 / 20) | $5,000.00 |
| 71 | 5.28% | $5,280.00 |
| 75 | 5.82% | $5,820.00 |
| 80 | 6.82% | $6,820.00 |
Every age from 55 to 95 is in the RRIF minimum withdrawal table, and you can calculate a LIF minimum in the RRIF calculator with the January 1 balance. The RRIF withdrawal rules page covers the opening year, the spouse age election and payment timing (CRA, Receiving income from a RRIF).
LIF withdrawal rules: the yearly maximum
A RRIF has no withdrawal maximum. A LIF does, and each pension law writes its own formula.
Federal LIFs (OSFI)
The federal maximum is designed to keep an income going for you or your survivor until at least age 90. It is a percentage of the January 1 balance, built on two interest assumptions. The first 15 years use the November average yield on 10-year Government of Canada bonds (Series V122487); the years after that, to the end of the year you turn 90, use 6.00%. For 2026, OSFI uses the November 2025 rate of 3.49%.
- First year. In the calendar year you first open the LIF, the maximum is multiplied by the months left in the year divided by 12. A part month counts as a whole month.
- Transfers in. Money moved in during the year does not raise that year's maximum, which uses the balance at the start of the year.
- Minimum above maximum. If the Income Tax Regulations minimum is higher than the table maximum, the maximum equals the minimum.
Ontario LIFs (FSRA)
For an Ontario LIF under Schedule 1.1 (the post-2008 rules), the maximum for a fiscal year is the greatest of three amounts (FSRA, LIF and LRIF Maximum Annual Income Payment Amount Table):
- the previous year's investment earnings, including unrealized gains and losses;
- C / F, where C is the value at the start of the year and F is the present value of $1 a year, paid in advance, until December 31 of the year you turn 90;
- for money transferred from another LIF or LRIF, in the year after the receiving LIF is set up, the two funds' previous-year earnings added together.
F uses 6.00% because the CANSIM V122487 rate has been below that, so FSRA's table holds every year unless the rate rises above 6.00%. A first fiscal year under 12 months is prorated, with a part month counted as a full month.
BC LIFs (BCFSA)
In BC, the maximum is the greater of the preceding year's investment return in the LIF and the January 1 balance times the BC Maximum Percentage. In the year a LIF is first set up, the return counts as zero and the balance is the day-one balance. The percentage uses the greater of the November CANSIM V122487 rate (3.49% for 2026) and 6.00% (BCFSA, LIF Maximum Annual Withdrawal).
LIF withdrawal rates for 2026: sample maximums
These sample maximums come straight from each regulator's table. Watch the age in each column header: the three tables count age differently, so one person can land on different rows.
| Age | Federal 2026 (age on December 31, 2025) | Ontario (age reached during the year) | BC (owner's age) |
|---|---|---|---|
| 55 | 5.2096% | 6.45234% | 6.51% |
| 60 | 5.5304% | 6.77285% | 6.85% |
| 65 | 6.0272% | 7.25513% | 7.38% |
| 70 | 6.8508% | 8.01930% | 8.22% |
| 71 | 7.0804% | 8.22496% | 8.45% |
| 75 | 8.3837% | 9.33511% | 9.71% |
| 80 | 11.6128% | 11.96160% | 12.82% |
| 85 | 21.3952% | 19.18515% | 22.40% |
The federal table reaches 100% at 89, Ontario's at 90, and BC's at 89 and over. Full tables: OSFI, FSRA and BCFSA. In Ontario and BC the percentage is only one input: if last year's investment earnings were larger, the maximum is larger.
Example: a federal LIF at 65
Say you were 65 on December 31, 2025 and your federally regulated LIF held $100,000 on January 1, 2026:
- Minimum: 4.00% (1 / 25) of $100,000, or $4,000.00.
- Maximum: 6.0272% of $100,000, or $6,027.20.
Any amount from $4,000.00 to $6,027.20 meets the rules. Put the same $100,000 in an ordinary RRIF and the minimum is still $4,000.00, with no ceiling.
Unlocking: getting money out above the maximum
A lump sum above the LIF maximum generally needs an unlocking option, and each pension law keeps its own short list.
Federal unlocking (2026)
OSFI's options for federally regulated locked-in plans (OSFI, Unlocking funds from a pension plan or from a locked-in retirement savings plan). The 2026 YMPE (year's maximum pensionable earnings) is $74,600.
- Financial hardship (low income, or high medical or disability costs): up to 50% of the YMPE, or $37,300 in 2026, falling to $0 once your expected income reaches 75% of the YMPE ($55,950).
- Non-residency: the full balance, once you have not been a Canadian resident for at least 2 calendar years.
- Shortened life expectancy certified by a physician: the full balance.
- One-time 50% unlocking: if you are 55 or older in the calendar year, you can move up to 50% of an RLIF to an RRSP or RRIF within 60 days of the funds first going in. Cash cannot come straight out of an RLIF.
- Small balance at 55 or older: if your federal locked-in RRSPs, RLSPs, LIFs and RLIFs total 50% of the YMPE or less ($37,300 for 2026), you can take the cash or move it to an RRSP or RRIF.
Several options require your spouse or common-law partner's attestation on Form 2.
Ontario unlocking
FSRA's non-hardship categories:
- a life expectancy shortened to two years or less;
- age 55 or older, with all locked-in accounts under 40% of the YMPE;
- transfers above Income Tax Act limits;
- non-residency, once 24 months have passed since you left Canada.
Ontario also has a 50% option: within 60 days of transferring money into a Schedule 1.1 LIF, you can withdraw or transfer up to 50% of the money transferred (Form 5.2). You apply through your financial institution. FSRA warns that withdrawn amounts are income, may affect your eligibility for government assistance and lose creditor protection.
BC unlocking
BCFSA: "British Columbia's pension legislation does not allow a 50 per cent one-time unlocking provision" (BCFSA, Unlocking pension funds). BC allows unlocking only in these cases, applied for through your financial institution:
- financial hardship: low income, medical expenses, a threat of eviction for rent arrears, a threat of default on the mortgage of your principal residence, or a deposit for a new principal residence;
- a small LIRA or LIF balance, per account: at or below 20% of the YMPE ($14,920 for 2026) if you are under 65, or at or below 40% of the YMPE ($29,840 for 2026) if you are over 65;
- leaving Canada permanently;
- shortened life expectancy.
Tax and income splitting
Amounts paid out of a RRIF are taxable when you receive them (CRA, Registered Retirement Income Fund (RRIF)), with tax withheld only on the part above the minimum (see the RRIF withholding tax guide). Ask your financial institution how it handles LIF payments.
At 65, both accounts open up pension income splitting. The CRA says RRIF payments, including LIF payments, are eligible pension income if you are 65 or older at the end of the year, or received them because of a spouse's death (CRA, Pension income splitting).
Frequently asked questions
Is the LIF minimum the same as the RRIF minimum?
Yes for federal and BC LIFs. OSFI and BCFSA both say the LIF minimum is set by the Income Tax Regulations, which also hold the RRIF factors. Under 71 the factor is 1 / (90 minus your age).
What is the most I can take from a LIF in 2026?
It depends on the pension law that governs the LIF and on your age. For a federally regulated LIF, someone who was 65 on December 31, 2025 can take up to 6.0272% of the January 1, 2026 balance. Ontario and BC use their own tables, and can allow more when last year's investment earnings were higher.
Does a RRIF have a maximum withdrawal?
No. An ordinary RRIF has a minimum but no maximum. The CRA says you can withdraw more, but not less than the minimum.
Can I move money from a LIF to a RRIF?
Generally, only through one of the unlocking options in the pension law that governs the LIF. Under federal rules, if you are 55 or older you can transfer up to 50% of a restricted LIF to an RRSP or RRIF within 60 days of the first deposit, and small balances can be moved too. In Ontario, you can withdraw or transfer up to 50% of money moved into a Schedule 1.1 LIF within 60 days of the transfer. BC has no 50% unlocking.
Can I unlock a LIF if I leave Canada?
Under federal rules, yes, once you have not been a Canadian resident for at least 2 calendar years. Ontario requires 24 months since you left Canada, and BC allows unlocking when you leave Canada permanently.
Work out your minimum
The RRIF withdrawal calculator works out the yearly RRIF minimum, which is also the LIF minimum, from a January 1 balance and your age. It does not calculate LIF maximums (use your regulator's table or ask your financial institution), and its withholding and projection figures follow RRIF rules. For a second opinion on your drawdown, you can request a free RRIF drawdown plan review from a licensed financial planner, who may pay us a referral fee (see our disclosure).
Sources
- OSFI, Life Income Funds, Restricted Life Income Funds, and Variable Benefits Accounts.
- OSFI, Unlocking funds from a pension plan or from a locked-in retirement savings plan.
- FSRA, LIF and LRIF Maximum Annual Income Payment Amount Table (PE0196INF).
- FSRA, Pension Unlocking: Non-Hardship.
- BCFSA, LIF Maximum Annual Withdrawal.
- BCFSA, Unlocking pension funds.
- BCFSA, LIRAs and LIFs.
- Income Tax Act, section 146.3 and Income Tax Regulations, section 7308.
- CRA, Receiving income from a RRIF.
- CRA, Registered Retirement Income Fund (RRIF).
- CRA, Pension income splitting.
Not financial advice. General information only. Your financial institution calculates your actual LIF minimum and maximum and handles the payments.