Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Nov 15, 2023 11:26:50 AM

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

0 3 792
3 Replies
Moderator
Nov 16, 2023 10:24:13 AM

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

 

New Member
Nov 16, 2023 2:50:46 PM

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?

Moderator
Nov 17, 2023 6:47:14 AM

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

 

Thank you for choosing TurboTax.