How do I enter RRIF withdrawals already made this year?
Where to find it: ACCOUNTS and INVESTMENTS
Open the RRIF’s account properties from ACCOUNTS and INVESTMENTS. Enter Balance at the end of last year and Withdrawn this year to date. The first is the previous December 31 balance used for this year’s minimum; the second is the total gross amount already withdrawn during this calendar year.
For example, if the prior year-end balance was $300,000 and you have withdrawn $8,000 this year, enter those amounts even if today’s balance is different. Also update the account’s investments to their actual current values. The withdrawal-to-date field does not itself reduce them.
TIME MACHINE calculates the annual minimum and subtracts withdrawals already made to determine what remains mandatory this year. For a newly converted RRIF, follow the form’s instruction to enter 0 for the previous year-end balance.
If you have finished voluntary withdrawals for the year, uncheck Allow withdrawals beyond the required minimum for the rest of this year. Any remaining mandatory minimum is still taken. This setting expires next year. Each January, update the prior year-end balance and start the new year’s withdrawal total at 0.