On March 18, 2020, Prime Minister Trudeau announced a set of economic measures as part of Canada’s Covid-19 Economic Response Plan. That statement included proposed changes to the calculation of the 2020 required minimum withdrawal for registered retirement income funds (RRIF). This measure also applies to individuals receiving variable benefit payments from a defined contribution registered pension plan (RPP) and a pooled registered pension plan (PRPP).
The minimum amount that must be withdrawn from RRIFs will be reduced by 25% for 2020
For more information about the lowered rates, visit the Government of Canada website.