I'm taking over my parents finances as they had a rough year health-wise and aren't able to do it anymore. They both turned 82 in 2025. There is an RRIF with $205k and a Spousal RRIF with $238k (after the auto withdraws that RBC did).
RBC seems to have automatically calculated the minimum RRIF withdrawal amounts and transferred it to their chequing account on December 30. $6,998.46 to from the RRIF and $16,395.14 from the Spousal RRIF. I'm trying to make sense of these numbers.
I understand that the minimum withdrawal amount is based on the Dec 31, 2024 account value and the percentage is based on their age - so 7.38%.
The Spousal amount makes sense to me, the account was worth about $221k at the end of 2024; 7.38% gives the the $16k withdraw amount. The roughly $7k from the RRIF doesn't make sense to me, it seems like this should be much higher.
Can someone help me make sense of it?
Thanks!