As part of the 2015 Budget, the Federal Government recently introduced new, lower minimum withdrawal factors starting at age 71 applicable to RRIF/LIF-Type payments. There has been no change to the current minimum withdrawal factors for members who are age 70 and under.
The new withdrawal factors apply retroactively as of January 1, 2015. Members receiving RRIF/LIF-Type payments who have withdrawn more than their new minimum withdrawal amounts in 2015 are permitted to re-contribute any excess into their account until February 29, 2016. However, there is no requirement to take the new reduced minimum for 2015.
How do I Reduce My RRIF/LIF-Type Payment Withdrawal for 2015?
If you were age 71 or over on January 1, 2015 and received the prior minimum withdrawal amount in 2015 and you would like to reduce the amount of your 2015 scheduled withdrawals, or if you have any questions about how the new factors may affect your payments, please contact Sun Life Financial at 1-844-822-3131, select Option 3 for RRIF/LIF-type payments.
| Prior and New RRIF/LIF Minimum Withdrawal Factors | ||||||||
|---|---|---|---|---|---|---|---|---|
| Age (at start of year) |
Prior Factor % | New Factor % | Age (at start of year) |
Prior Factor % | New Factor % | Age (at start of year) |
Prior Factor % | New Factor % |
| 71 | 7.38 | 5.28 | 80 | 8.75 | 6.82 | 89 | 12.71 | 10.99 |
| 72 | 7.48 | 5.40 | 81 | 8.99 | 7.08 | 90 | 13.62 | 11.92 |
| 73 | 7.59 | 5.53 | 82 | 9.27 | 7.38 | 91 | 14.73 | 13.06 |
| 74 | 7.71 | 5.67 | 83 | 9.58 | 7.71 | 92 | 16.12 | 14.49 |
| 75 | 7.85 | 5.82 | 84 | 9.93 | 8.08 | 93 | 17.92 | 16.34 |
| 76 | 7.99 | 5.98 | 85 | 10.33 | 8.51 | 94 | 20.00 | 18.79 |
| 77 | 8.15 | 6.17 | 86 | 10.79 | 8.99 | 95 & over | 20.00 | 20.00 |
| 78 | 8.33 | 6.36 | 87 | 11.33 | 9.55 | |||
| 79 | 8.53 | 6.58 | 88 | 11.96 | 10.21 | |||