What is the minimum amount I have to withdraw from my RRIF each year?

A RRIF has a minimum amount that must be withdrawn and included in your income every year, calculated using an age-based formula that applies an increasing percentage as you get older. In other words, the minimum percentage you're required to withdraw each year isn't fixed for life - it rises as you age, so your required minimum withdrawal generally grows over time even if your account balance stays roughly the same.

Because the specific percentages used in this formula are set by the Income Tax Act and can change, it's worth confirming the current percentage that applies to your age directly with your financial institution or a current CRA resource, rather than relying on a figure you may have seen a few years ago or heard from someone in a different age bracket. What's useful to understand conceptually is that this minimum is a floor, not a target - you're always free to withdraw more than the minimum in a given year, though withdrawing more can affect your tax bill and withholding tax differently than the mandatory minimum does. Planning your annual RRIF withdrawal around both the required minimum and your actual income needs for the year is generally the better approach than withdrawing on autopilot.