Receiving withdrawals from your RRIF?
Lower Payments
Clients receiving minimum RRIF payments, are now subject to the lower minimum payment amount as introduced in the 2015 federal budget.
The annual minimum payment ("AMP") amount is approximately 2% less than the previous rate.
Click here for the new annual minimum payment rates.
This change is effective for 2016, however, you were eligible to withdraw the new minimum amounts for 2015 RRIF withdrawals.
This means you have the ability to recontribute the excess amount back to your RRIF.
This must be done by February 29th 2016.
Your annual minimum payment is calculated using the market value as of January 1st and the AMP rate corresponding to your age on January 1st.
For example:
$450,000 RRIF market value on January 1, 2016; age on January 1, 2016 is 73; 2016 annual minimum payment is $24,885
If you require your annual minimum payment to be increased, please contact our office.
For more information please contact TMFG SERVICE by emailing [email protected] or phone 905 771 5200 and speak with Patrizia or Socheata.
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