A. If I understand your question, Sandy, it sounds like you want to draw down your registered retirement income fund (RRIF) on a schedule aligned with your life expectancy. A 78-year-old woman has a 50% probability of living to age 92, and for a man, it is age 90.
There are a few considerations. As you likely know, there is a formula to determine the minimum withdrawal from your RRIF account each year. Assuming you turned 78 this year and were 77 at the start of the year, and your account value was $330,000 at the end of 2020, your minimum withdrawal would be 6.17% of the account value, or about $20,361.
If your account is a regular RRIF and not a locked-in RRIF that came from a pension plan transfer, you have no maximum withdrawal limit. You can cash in the whole account in one shot, if you would like, but that withdrawal would be fully taxable. If you die, and have no spouse, your RRIF account is deemed to be fully withdrawn and fully taxable on your final tax return…