Mandatory RRIF Withdrawals

RRIF Withdrawals

Changes in the rules for RRIFs have reduced the amount that is required to be withdrawn from a RRIF for individuals over age 70. These changes are effective at the start of the 2015 tax year. For persons under the age of 71 the formula of 1/(90-age) remains unchanged. The age used would be the spouse’s age.

There are also rules, including those that are age related, that are used to determine the minimum amount that has to be withdrawn from a defined contribution pension plan or a Pooled Registered Pension Plan.

If RRIF withdrawals are more than the new minimum amounts, at any time in 2015, the amount representing the excess of the old minimum amount less the new minimum amount can be re-contributed before March 1, 2017. Where such amounts are re-contributed, they can be deducted from income in 2016.

For those under the age 71 the formula of 1/(90-age) remains unchanged
This would be the spouse’s age when using that option
These factors are also used to determine the minimum amount to be withdrawn from a defined contribution pension plan and Pooled Registered Pension Plan

If RRIF withdrawals are more than the new minimum amounts at anytime in 2015, the excess of the old minimum amount less the new minimum amount can be re-contributed before March 1, 2017 and deducted from income in 2016.

FAQ’s on Getting a CPA in Hamilton, ON

What is RRIF and what is its purpose?

RRIF stands for Registered Retirement Income Fund, a retirement vehicle in Canada comparable with an annuity. It provides retirees with a continuous source of income from their savings vehicles. A life income fund (LIF) is an RRIF type offered in the country that’s developed to hold locked-in pension funds.

What is the current minimum for an RRIF withdrawal?

Based on the 2021 RRIF minimum withdrawal rate table, the minimum percentage that Canadian seniors must withdraw from their RRIFs yearly is between 2.86% for those aged 55 and 20% for ages 95 and above. Seniors must make withdrawals from their RRIFs before they turn 72.

How often can I make an RRIF withdrawal?

You can make lump sum withdrawals, or you can do them monthly, quarterly, or semi-annually as long as the total amount equals or goes over the minimum amount. However, if you withdraw more than the minimum, you’d have to pay withholding taxes on the excess.

About the Author

Sam Faris

CPA, CGA, LPA, CPA (C.O.) (Expired), FACCA (U.K.)

Sam Faris, President of Faris CPA, is a Licensed Public Accountant in Ontario, with affiliations to CPA Ontario, CPA USA, and FACCA U.K. Since 2003, he's excelled in resolving CRA disputes and tax audits. His firm offers diverse services, from bookkeeping to corporate tax planning, serving a wide client base. Renowned for his formidable track record against the CRA, Sam is a committed advocate and expert in tax resolution.

Learn more about Sam Faris

Testimonials

Faris CPA | Toronto Tax Accountant

5.0

Based on 296 reviews

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Sami Haddad

1730671240

Excellent, well knowlegable team and efficient service. Thanks for all your help.

Rula Haddad

1730671108

Excellent service..

Atifa Lattif

1730053571

Sam Faris and his team helped me with a very complicated audit by the CRA.their approach and the way my case was handled was beyond my expectations.he saved me from getting a significant tax bill and more importantly CRA was convinced with Sam argument and accepted his submission and my case is closed now. I did not have to go through objection and pay more fee and live restlessly anymore.I highly recommend Sam and his team.

Abe Matar

1728938693

Thanks you Sam for all your help. You made the work process very easy to us.

Melika Ardestani

1727649993

He’s very professional and gave me a lot of advice about taxes and my tuition at university. I highly recommend him!

Hudaynazar PETIYEV

1727452195

Sam helped me to file my 10 years personal tax returns. He made the process super easy and stress free. CRA accepted the package with no single question asked. He is highly knowledgeable, down to earth and easy to deal with.

M G

1726589253

I interviewed 5 CPA firms before hiring Mr. Faris. During the initial assessment he was able to identify a huge mistake that CRA has done. He was able to perfectly communicate this mistake with me and explained how this mistake should be corrected. Mr. Faris assured me that the CRA will have to correct this mistake which will result in saving huge amount of taxes and penalties and interest. Mr. Faris worked around the clock including weekends to meet the pressing deadline. In summary, he met all his promises and of course did not disappoint me. All these sleepless nights worrying about the CRA are gone now and of course thanks to Mr. Faris who has changed my mind about the accounting and the tax profession forever.

Ana Miletic

1726541724

The best CPA and tax firm in the country. Worked with so many CPA firms but Faris CPA is the best by far. Highly professional, knowledgeable, pays attention to details. His fee is very reasonable comparing to other CPAs. I highly recommend the firm.

Dusan Caricic

1726227765

Sam was able to sort out my US and Canadian tax returns as a result of errors made by my previous CPA. He was able to identify every little mistake on the returns and saved me taxes and penalties. I highly recommend Sam and his firm for all tax and accounting needs.

Tamara Dordevic

1726168345

We approached Sam 10 years ago when CRA was auditing us and our business. Sam was able to handle the audit properly and resolved it to our satisfaction. Since then, Sam has been our family and business accountant. His service is reliable, professional and efficient. Also his fee is reasonable. I already referred to Sam family members and friends who are super happy with his services.

Gerda Saryte

1725833115

MR. Faris has given me a great advice and helped me through complicated tax issues with the CRA.

Petar Przuljevic

1725785018

Sam Faris challenged CRA proposal regarding selling two of my properties. Sam was able to convince CRA that the sale of those properties was not business in nature and not subject to HST. His response was based on detailed analysis and supported with court cases. Many thanks to Sam for saving me money and the hassle with the CRA.

Sterling B

1725482811

Sam is honest and highly responsive. He's a very hard worker and gets things done quickly. I can't recommend him enough.

Peter J

1725379584

I recently hired Faris CPA for a tax dispute with the CRA. Sam and his team were very professional and knowledgable in dealing with my concerns and tackled my issue head on. Their communication was particularly noteworthy as they answered all of my questions throughout the process in short time. Definitely recommended.

Brkovic Zorka

1725358810

Sam Faris is a reliable and highly knowledgeable with what he does. Sam delivered a strong and convincing package to the CRA regarding my case. He worked tirelessly to meet a very tight deadline. He was able to object the CRA decision and knocked down the taxes significantly. I highly respect him on both personal and business levels. He is a man of his word. I will definitely recommend him to family and friends. Many thanks Sam.

Sotiris Yannopoulos

1725226185

Sam deserves all the 5 stars reviews that he already received. He has done an amazing job with regards to my case with the CRA.

Marko Krawcow

1725062049

By far one of the most enjoyable experiences I’ve had with a tax specialist. I can truly say this is the most professional and hardworking person I have ever met. He spared no time getting to work, not only was he extremely efficient but a great communicator. If you’re looking for someone to help you figure out your finances, message Sam. I have no regrets, only wish I had done this sooner.

helene ghaleb

1725053083

Working with Sam and his team for the last 7 years has been a pleasure. Their attention to details has been essential in assisting me to navigate complex tax and accounting matters. Sam and his team are always prompt in reply to my questions and fully dedicated to my file. I highly recommend their services to anyone in need of top-notch accounting and tax support.

stjoseph cafe

1724640445

Lucky that I retained Faris CPA to deal with the CRA. I have no complaints whatsoever. My file was dealt with on a timely and efficiently basis. With the least cost.

CIFS Ottawa

1724638931

The firm performed tax planning to my organization. I am very happy with the results and the performance.

Will Noja

1724517164

I had a consultation with Mr. Fares last week and explained my issue with the CRA. Sam provided a great advice. Further he recommended not to hire a professional and pay money while he thought that I can handle the issues on my own. Obviously he looked at my best interest rather than to pay him more unnecessary fee. He is reliable and trustworthy and I would recommend him to anyone in need for this kind of services.

Sahar Ghantous

1724511412

Sam helped me to resolve a serious audit with the CRA. Throughout the process, Sam demonstrated skills, knowledge and expertise in accounting and the tax rules. He was able to challenge the auditor and prove why her assumptions were inaccurate.I feel safe and confident to have Sam and his team as my representative in any future tax and accounting related matters.

Jack

1724373648

Thanks for your help, amazing service 👍

Danijela Sljukic

1724094925

Working with Sam at Faris CPA was an excellent experience. His deep knowledge and professionalism made navigating a challenging audit with the CRA much easier. Sam was highly responsive, addressing all my concerns and guiding me through every step of the process. I'm very pleased with the service provided and would highly recommend Sam and the Faris CPA team to anyone in need of dependable accounting and tax support.

D C

1724088666

I recently worked with Faris CPA regarding my many years of outstanding personal and corporate tax returns. Sam has submitted all returns under the voluntary disclosure program, he was incredibly helpful throughout the entire process. He was knowledgeable, responsive, and took the time to explain everything in detail. Thanks to his expertise, I felt confident in my decisions. I highly recommend Faris CPA, especially if you have the chance to work with Sam!

Sultan Solmaz

1723822360

Excellent service. Super happy with the way my case with CRA was handled by Sam CPA and his team. CRA was auditing me personally and my business for many years. I involved Sam and he was able to stop escalation and avoid excessive taxes owing to CRA. I will absolutely recommend Sam for family and friends

Nadine Omary

1723162990

Thank you Sam for all your help resolving my tax issue with the CRA. You delivered exactly what you promised during our initial phone call. You have delivered a quality work that the previous CPA could not deliver. Your fee comparing to other professionals are reasonable too. I will take absolutely recommend you to family and friends.

Sara Solène

1723063028

I had an amazing experience working with Faris CPA for my CRA needs. They really know the CRA processes and made everything so easy. They were super professional, always ready to answer my questions, and made sure everything was done right. I couldn't have asked for better help. Highly recommend their services for anyone dealing with the CRA!

Woodhaven Immigration

1723046969

I recently had the pleasure of working with Mr. Fares from Fares CPA Firm, and I must say that the experience was exceptional. Mr. Fares demonstrated a high level of professionalism and expertise that is truly commendable.From the very beginning, Mr. Fares was incredibly attentive and responsive. He took the time to understand my specific needs and provided tailored advice that was both practical and insightful. His thorough understanding of the complexities of tax laws and financial regulations instilled confidence and trust.His proactive approach and attention to detail ensured that all aspects of my financial situation were meticulously handled. He was always available to answer questions and provided regular updates on the progress of my financial matters.I highly recommend Mr. Fares and his firm to anyone in need of top-notch accounting and financial services. Their professionalism, expertise, and commitment to excellence make them a standout choice in the industry.

Nadine R

1722297188

Sam has gone above and beyond in helping me complete my tax filings.The praise he receives in all of these reviews is well-earned. Thanks again, Sam. I really appreciate the job you did.

Glass Gates

1721855400

Very good experience dealing with Sam Faris and his team. They helped me with a difficult time in my life by dealing with CRA audit. Throughout the process, they went above and beyond to provide detailed responses and analysis to the auditors. As a result, Sam and his team achieved the best results that I would have dreamt to have. Unlike what CRA proposed, Sam and his team were able to reduce taxes from 450k to 15k. Sam’s fee is very reasonable too considering the value that I received back. I highly recommend Sam Faris and his team.

Conrad

1719343900

Sam was absolutely amazing, I was in desperate need of urgent tax help with little time left and he managed to get everything done flawlessly in the last 2 weeks! He is incredibly thorough and honest in his work. Truly appreciate him! Thanks Sam!

Ellie B

1719013463

I met with Sam seeking advice on how to approach a realestate transaction properly in order to prevent any future issues with CRA. Sam was very knowledgeable and helpful in guiding me in the right direction. He patiently answered all my questions and provided his expert advice. I am very happy to have come to him.He is very honest, and not just after making a profit from his clients, but to genuinely help them. Thank you Sam.

Khaled Darwish

1719001561

I was referred to Sam Faris by a business partner who had an excellent experience before. I found that Sam and his team are experts with CRA issues and resolved my issue on timely basis. More importantly his fee is very reasonable. Many thanks and I will definitely recommend the firm to others.

Vrej Nersesian

1718992542

Mr Faris helped me to resolve a very complicated audit with CRA. He came up with a brilliant strategy to win my case against CRA. Thank you Sam for all your hard work and I will recommend everyone who has issues with the CRA to hire your firm.

Shiraz Tufenkji

1718979011

Sam Faris is very pleasant to deal with. I was referred to him by a well known tax lawyer in the city. After dealing with Sam and knowing his expertise with CRA disputes, I decided to fire the tax lawyer as Sam did it all and achieved the best results. I ended up wasting 15k in legal fees when I could have saved it if I met Sam before.

Orbit Illuminations

1718932697

Sam was great. He really helped me with my situation. Highly recommend him. When its time sensitive, he's the go to guy.

Dallas Young

1718761499

Sam Farris is an exceptional CPA who provided outstanding service when I needed tax preparation assistance.What sets Sam apart is his ability to clearly explain complex tax laws and financial strategies in easy-to-understand terms. He took the time to educate me on the implications of different options so I could make fully informed decisions. His proactive approach identified opportunities for tax savings that I hadn't even considered.Sam is extremely responsive, accessible and genuinely cares about his clients' best interests. He made me feel like a priority and was always available to answer any questions I had, no matter how minor. The peace of mind this provides is priceless.

Sean E

1718660820

Sam is a pleasure to work with. He is efficient and diligent. He is very skilled when it comes to CRA and taxes. Highly recommended.

Nicole Calnan

1718647629

Sam Faris is fast and reliable and on top of tax topics. I am looking forward to his knowledgeable and competent support.

Alex G

1718611207

Excellent work from Sam with a difficult tax issue I had. Would definitely recommend his services!

Shahbaz Mirza

1718409854

Thank you Sam for all your help. I dont know what i would do without your help and support regarding my tax matter.

Manjunath Amaresh

1718302224

Sam Faris helped me deal with a tricky situation with the CRA involving taxes paid in the USA. He seems pretty knowledgable of both Canada and USA tax laws and regulations. During the initial phone call, he proposed a plan to address the situation, and didn't over-promise. In the end, the resolution was much better than what was initially proposed. Communication was timely and reliable. I'd gladly use his services again in the future if the need arises.

Mesut Atalay

1717960926

Second to none firm once it comes to accounting and tax issues with the CRA. I have tried to work with three professionals including a tax lawyer before approaching Sam Faris. Unlike Sam, they never met their promises. Sam met every single promise he made. His performance exceeded expectations. Don’t waste your money and time and hire Sam. He is super efficient, and highly knowledgeable with tax problems and will protect you from CRA with the least cost possible.

can can

1717959796

Faris CPA is a firm with high business standards. The firm looked after my best interest and achieved the best results by minimizing taxes owing and provided a business structure to optimize taxes as much as possible. I am grateful for all the help the firm provided.

Baran SOLMAZ

1717778800

i can confidently say that Sam Faris is the best out there who can handle problems with the CRA. he helped me to resolve a complicated and massive audits with my companies and got me the best results. he did a perfect reorganization after and now feel i am well protected having him on board.

חוסאם עבד

1717640110

I approached Sam Faris as I had a complicated case with the CRA regarding my residency status. Sam has performed a detailed and in depth analysis and submitted his findings to the CRA. In conclusion, Sam was able to convince the CRA that I am not a resident and I did not have to file tax returns in Canada. Super happy with Sam service and of course with the outcome.

Essam Alftayh

1717274326

Sam Faris filed my many years of outstanding tax returns under the voluntary disclosure program. As a result, significant penalties were waived and more importantly the my many years of sleepless nights and living in fear are over now. Thank you Sam and I highly recommend him to family and friends.

D Schrager

1717025313

Sam of Faris CPA is an expert with CRA issues. I have waisted significant amount of money by hiring other professionals who never delivered. Sam’s promises are solid and he never disappointed me. Sam’s work quality exceeds expectations. Many thanks Sam and I will absolutely recommend your service to family and friends.

Lonergan Consulting

1716828578

Before hiring Faris CPA, I shopped around and I hired a CPA firm who offered significantly cheaper fee than Faris CPA. I must admit that this was a mistake. That firm promised the moon and they did not deliver. I learned by accident that the firm outsourced my file to a firm in India. I was very upset as I did not consent to have my returns done in India. I lost trust in the firm as the firm mislead me by making me believe that my file is being handled properly and efficiently by CPAs who are knowledgeable in Canadian taxes. I had to fire them immediately and hired Faris CPA. Sam Faris and his team dealt with my case efficiently and on timely basis. As a result, my many years of outstanding personal and corporate tax returns have been filed as promised. The taxes that I ended up owing are way less than what I expected. Sam Faris and his team performed a good tax planning strategy which saved me taxes. Faris CPA fee is very reasonable considering the quality of work that has been delivered and the tax saving that was achieved.Don’t hire a firm who provides cheaper fee as you will end up paying twice. In my situation, I ended up paying to a firm who outsourced my file to India and I came back and hired Faris to complete the job properly. Save your money, time and emotions and hire Faris CPA and they will get the job done to your satisfaction.

Kate Miller

1716575760

Thanks Sam for your help with our CRA issues. You were very easy to contact and deal with and did what was needed very quickly. Thanks so much.

Muhammed Alparslan

1716567214

It was my pleasure to work with Sam Faris closely to resolve my tax issue with the CRA. Sam was efficient and resolved it to my satisfaction. Unlike other professionals that I dealt with regarding the same tax matter, whatever he promised, he delivered with the least time and with a reasonable fee. Thanks Sam for all your help.

Lisa Lisa

1716551738

I highly recommend Sam--he is a true expert--knowledgeable and professional. He is highly skilled, quick to respond, and an expert at any CRA matter. I honestly don't know where I would be without having hired him. Five stars for sure.

Rob Miller

1716489740

Sam responded very quickly to my request for his assistance with my CRA submission. We spoke by zoom. He then processed the paperwork and has submitted it straight away. I would thoroughly recommend Sam to people anywhere in Canada who needs timely and efficient help with their tax issue.

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