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I am a 69 year old non resident of Canada and living in USA. What is my minimum RRIF withdrawal rate?
November 15, 2023
11:26 AM
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Investors and rental owners
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
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November 16, 2023
10:24 AM
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Investors and rental owners
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?
November 16, 2023
2:50 PM
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Investors and rental owners
Please contact the CRA, as a non-resident there might be a tax adjustment.
Thank you for choosing TurboTax.
November 17, 2023
6:47 AM