RRSP Calculator
This free RRSP calculator projects your RRSP growth to retirement, then models the drawdown — including the mandatory conversion to a RRIF at age 71, minimum withdrawals, and the tax you pay in your province — so you can see your real after-tax RRSP income at every age.
Free · no sign-up · all 10 provinces · couples & Monte Carlo built in.
How the RRSP calculator works
Retirely grows your RRSP at your chosen rate of return and monthly contribution up to your retirement age, then simulates the withdrawal phase year by year. At age 71 your RRSP must convert to a RRIF, after which the government sets a minimum you must withdraw (and be taxed on) each year.
RRSP-to-RRIF minimum withdrawals
Once your RRSP becomes a RRIF, minimum withdrawals start at 5.28% of the balance at age 71 and climb to 20% by age 95. Retirely applies this exact CRA schedule automatically:
| Age (Jan 1) | Minimum withdrawal |
|---|---|
| 71 | 5.28% |
| 72 | 5.40% |
| 73 | 5.53% |
| 74 | 5.67% |
| 75 | 5.82% |
| 76 | 5.98% |
| 77 | 6.17% |
| 78 | 6.36% |
| 79 | 6.58% |
| 80 | 6.82% |
| 81 | 7.08% |
| 82 | 7.38% |
| 83 | 7.71% |
| 84 | 8.08% |
| 85 | 8.51% |
| 86 | 8.99% |
| 87 | 9.55% |
| 88 | 10.21% |
| 89 | 10.99% |
| 90 | 11.92% |
| 91 | 13.06% |
| 92 | 14.49% |
| 93 | 16.34% |
| 94 | 18.79% |
| 95 | 20.00% |
RRSP vs TFSA
RRSP contributions are deducted from income now and taxed on withdrawal; TFSA contributions are after-tax and withdrawn tax-free. Which wins depends on your marginal rate today versus in retirement. See the dedicated RRSP vs TFSA comparison.
Frequently asked questions
At what age must I convert my RRSP to a RRIF?
You must convert your RRSP to a RRIF (or annuity) by December 31 of the year you turn 71. From the following year you must withdraw at least the RRIF minimum, which is fully taxable.
How is an RRSP withdrawal taxed?
RRSP and RRIF withdrawals are taxed as ordinary income at your combined federal and provincial marginal rate in the year you withdraw. Retirely estimates this tax for your province automatically.
Can I contribute to an RRSP after 71?
No — you cannot hold or contribute to your own RRSP after the end of the year you turn 71. You can still contribute to a spousal RRSP if your spouse is 71 or younger and you have contribution room.