# Details of RRIF Withdrawals



## ttibsen (Sep 27, 2015)

I am 71 now. I turn 72 in January, 2021. A couple of questions regarding the mechanics of withdrawal from the rrif.
When is the latest date that I have to withdraw from my rrif and will the percentage be 5.28 ?
What date will be used for the valuation of the rrif?
I have signed up with TD Direct Investments for automatic withdrawals from the rrif so in a sense it’s all taken care of - but I would still like to know the details.


----------



## like_to_retire (Oct 9, 2016)

If you are 71 on January 1st then the minimum mandatory withdrawal will be 5.28% and if you're 72 January 1st then it's 5.40%. 

Those percentage apply to the total value of the plan on January 1 each year.

You have until the end of the year to have it withdrawn, but institutions don't much like those last minute dates and so it may be near the end of December, rather than the very last day. You work that out with the financial institution when the RRIF is setup.

ltr


----------



## Money172375 (Jun 29, 2018)

I think dec 31 2021 would be the last day For withdrawal, but td may do it on dec 15 iirc. RSPs need to be converted in the year you turn 71 and payments start the following year. Based on an age of 72, the min withdrawal is 5.4%.
and if I recall correctly, the withdrawal value is based as of dec 31 2020.


----------



## ttibsen (Sep 27, 2015)

Great - that was very helpful - thanks for your insights.


----------



## AltaRed (Jun 8, 2009)

As mentioned by LTR, financial institutions won't necessarily wait until Dec 31, 2021 to implement the year's withdrawal.... but close to it. For Scotia iTrade, my ex spouse said she was told Dec 28, 2021....so they are giving themselves a few business days for the transaction. Talk to your brokerage to sort out desired date and/or latest date.

LTR has the rest of it nailed, e.g. portfolio valuation day for the 2021 minimum annual withdrawal is Jan 1, 2021 (which for all practical purposes is Dec 31, 2020 except for accrued interest of one day).


----------



## hycm53 (May 11, 2019)

When I set up RRIF account in BMO InvestorLine, there're couple choices to choose to withdraw, for instance, you can choose quarterly, semi annual or annual, BMO InvestorLine set the withdrawal date is 24.
When you withdraw from RRIF, you can choose cash or transfer the stock you have in kind into your TFSA.


----------

