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Question

I am a 69 year old non resident of Canada and living in USA. What is my minimum RRIF withdrawal rate?

Forum|Forum|2 years ago
November 15, 2023
1 reply
0 views

No text available

TurboImpotLiseD

Here is a calculation tool to help you figure out the minimum withdrawal rate. At 69 years of age, it is at 4.76 %

AMP = (value of RIF at beginning of the year) X 1 / (90 - plan holder's or spouse's age).

Here is the link to CRA for more information: Chart – Prescribed factors for AMP

Thank you for choosing TurboTax

upalisAuthor

Thank you very much for the information. However I was told this percentage is different for a non resident of Canada living in US. Please see below.

The greater of:

a) 2 times the amount of the minimum annual payment

b) 10% of the RRSP/RRIF fair market value at the beginning of the year.

Is this correct?

Community Manager

Community Manager

Please contact the CRA, as a non-resident there might be a tax adjustment.

Thank you for choosing TurboTax.