Can I use my spouse's age for RRIF payment calculations?

Yes, when opening your RRIF, you can elect to use your spouse's or common-law partner's date of birth for minimum withdrawal calculations.

Important considerations:

  • Irrevocable election: This election is irrevocable, meaning you cannot change it once made
  • Strategic planning: Using a younger spouse's age results in lower minimum withdrawal amounts, which may help preserve your retirement savings longer and potentially reduce your annual taxable income
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Can I convert my RRIF back to an RRSP?
How do RRIF withdrawals work?
What if I withdraw more than the minimum in my RRIF?
Can I have multiple RRIFs?