Definition
Once an RRSP is converted to a RRIF, the plan holder must withdraw at least the prescribed minimum amount every calendar year, beginning in the year after conversion. The minimum is calculated by multiplying the RRIF's fair-market value on January 1 by the applicable percentage for the plan holder's age (or the younger spouse's age, if that election was made at conversion). At age 71, the minimum factor is 5.28%; it rises gradually to 20% at age 95 and above. There is no maximum on what can be withdrawn; the minimum is a floor, not a ceiling. All RRIF withdrawals are included in the plan holder's income in the year of withdrawal and are subject to withholding tax (generally 10% on amounts up to $5,000, 20% on amounts from $5,001 to $15,000, and 30% above $15,000 in most provinces). There is no minimum withdrawal required in the year of conversion itself.
Source
Income Tax Act s.146.3; Regulation 7308 (RRIF minimum withdrawal factors)