Tax Checksincome
Is taking the RRIF minimum actually a mistake?
Minimums increase every year - tax does too.
Is this you?
- I converted my RRSP to a RRIF
- I withdrew only the minimum
- I didn't plan beyond this year
"The minimum withdrawal is the safest choice."
RRIF minimums rise with age and can force higher taxable income later, triggering OAS clawbacks and higher marginal rates.
Why guessing is risky
- Minimum percentages increase annually
- Income spikes become unavoidable later
- Late planning reduces flexibility
Safe to ignore if
- RRIF withdrawals were strategically planned
- Total income stayed well below thresholds
Stop and check if
- Only minimum withdrawals were taken
- Other income sources exist
Resolve the doubt
Check my RRIF withdrawal strategy (2 minutes)We'll tell you if this needs reporting and what to do next.
"Most people identify smoother withdrawal strategies before minimums spike."