{"id":36,"date":"2026-09-16T15:00:00","date_gmt":"2026-09-16T15:00:00","guid":{"rendered":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/2026\/09\/16\/rrif-minimums-get-pricier-when-you-wait\/"},"modified":"2026-09-16T15:00:00","modified_gmt":"2026-09-16T15:00:00","slug":"rrif-minimums-get-pricier-when-you-wait","status":"publish","type":"post","link":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/2026\/09\/16\/rrif-minimums-get-pricier-when-you-wait\/","title":{"rendered":"RRIF Minimums Get Pricier When You Wait"},"content":{"rendered":"<div class=\"video-zmyer\">\n<div class=\"video-frame-zmyer\">\n        <iframe loading=\"lazy\" width=\"640\" height=\"640\" src=\"https:\/\/www.roomvu.com\/agent\/embed\/bubblepreet-randhawa\/rrif-tax-problem-remotion-videos-7691\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><br \/>\n        <\/iframe>\n    <\/div>\n<div class=\"video-description-zmyer\">\n<p>A common question I hear: what happens to your RRSP when you turn 71? In Canada, your RRSP must be closed by December 31 of the year you turn 71, and it often rolls into a RRIF. From there, you\u2019re required to take out minimum withdrawals each year\u2014these are based on your account\u2019s value at the start of the year and your age. For most, withdrawals start around 5% and can climb to nearly 20% by age 95.<\/p>\n<p>Let\u2019s look at the numbers: If you have a $500,000 RRSP growing at roughly 5% per year, in seven years it could reach about $704,000. At age 72, your minimum withdrawal would jump to nearly $38,000, compared to $27,000 if you\u2019d started earlier. That extra income can push you closer to the OAS recovery tax, which kicks in if your income goes above $95,000 in 2026\u2014and don\u2019t forget about other income streams like CPP, workplace pensions, or investments.<\/p>\n<p>Smart planning makes a real difference. Using lower-income years for partial withdrawals, splitting pension income, setting up your RRIF based on a younger spouse\u2019s age, or making regular TFSA contributions\u2014all can help you manage your tax bill more effectively. Building wealth is important, but so is keeping more of it in your pocket. If you\u2019re not sure where to start, you\u2019re not alone. My job is to make your financial future clear, personalized, and stress-free.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A common question I hear: what happens to your RRSP when you turn 71? In Canada, your RRSP must be closed by December 31 of the year you turn 71, and it often rolls into a RRIF. From there, you\u2019re required to take out minimum withdrawals each year\u2014these are based on your account\u2019s value at [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":37,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-posts"],"_links":{"self":[{"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/posts\/36","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/comments?post=36"}],"version-history":[{"count":0,"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/posts\/36\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/media\/37"}],"wp:attachment":[{"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/media?parent=36"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/categories?post=36"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ascendlifewithbubblepreett.com\/blog\/wp-json\/wp\/v2\/tags?post=36"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}