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How do you calculate the minimum and maximum amount to withdraw from an RRIF or LIF?
The minimum amount to be withdrawn from an RRIF or LIF is calculated by the NBDB team at the beginning of each fiscal year. The calculation is based on the fair market value of the plan as of December 31, as well as your age (or your spouse's age, depending on what you decided when you opened your account). To learn more, visit the Canada Revenue Agency (CRA) website.
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