Seg Funds Registered Plans & Retirement Income question: RRSP to a RRIF

Seg FundsRegistered Plans & Retirement Income

Rolf, 71, is converting his RRSP to a RRIF this year and has not yet received any RRIF payment. His wife is 66. He wants his required minimum withdrawals to be as small as possible. How can he reduce them?

A Transfer the RRIF back into a new RRSP
B Simply withdraw less, with no election needed
C Ask the CRA to waive the minimum each year
D Elect to use his younger spouse's age

Show the answer and explanation

Answer: D. Elect to use his younger spouse's age

When a RRIF is set up, the annuitant can elect to calculate minimum amounts using the younger spouse's or common-law partner's age, which gives smaller minimums. The election must be made before any payment is made under the RRIF. Source: Income Tax Act, RSC 1985, c. 1 (5th Supp.), s. 146.3(1) 'minimum amount' (as at 12 Oct 2026); Income Tax Regulations, C.R.C., c. 945, s. 7308(3)-(4) (current to 21 Sep 2026).

Common mistake

Thinking minimums can simply be skipped.

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Related Seg Funds practice questions

Victor, a retired railway worker in Moncton, New Brunswick, turned 65 in November 2025, so he was 65 on 1 January 2026. He converted his RRSP to a RRIF earlier in 2025, and the RRIF was worth $200,000 on 1 January 2026. He is divorced and lives alone. He also receives a pension of $1,900 a month from the railway. What is his minimum RRIF withdrawal for 2026?Lin, a retired chemist in Kingston, Ontario, converted her RRSP to a RRIF late in 2025. She was 71 on 1 January 2026, and the RRIF was worth $300,000 on that date. She is single, so no spouse's age was used to set the payment schedule. She asks her agent how much she must take out this year. What is her 2026 minimum withdrawal?Ana, 47, lives in Winnipeg, Manitoba, with her husband and two teenagers. Three years ago she bought a non-registered segregated fund contract with a 10-year maturity guarantee and a deferred sales charge schedule. She now calls her agent to say she has lost her job as a warehouse supervisor and will need cash for household bills within 6 months. Her husband's wages cover about half of the family's expenses. Apart from the contract, she has $15,000 in a savings account and no other investments. What should the agent do?

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Original study material mapped to the public CISRO curriculum; not a real test question.Not affiliated with CISRO, CCIR or any provincial insurance regulator. Verify figures and rules against current guidance before relying on them.