25% RRIF reduction in annual minimums
RRIF Reduction in Annual Minimums FAQs
The 25% reduction in the annual minimum payment is optional.
This change is applicable only for this calendar year (2020) and only in those situations where the full minimum amount has not yet been paid to an annuitant.
This change will not apply to them as they have already received their 2020 minimum required payment
CRA has indicated that at this time they are not permitting the 25% reduction to be recontributed.
Annuitants may request to reduce their remaining schedule of payments to meet the reduced minimum amount.
Yes, LIFs would follow the same minimum requirements and options.