The prescription for calculating the Maximum Annual Withdrawals for a LIF is as follows:

For fifteen years from the date when the LIF began, one computes the present value of a $1.00 annual payment, using an annual rate: Maximum of CANSIM and 6.0%. Thereafter, until age 90, compute the present value using 6.0% and add this to the above giving a number we'll call PV. The Maximum Annual LIF Withdrawal is a percentage of the LIF Balance as of January 1, that percentage being 1/PV.

Assume:

1. A = The age when you began the LIF withdrawals.
2. T = your current age.
3. J = 0.060 ... meaning 6.0%
4. K = Canadian Government long bond rate (CANSIM Rate) ... if it's 5.67%, put K = 0.0567
5. I = Maximum of J and K ... we're calling this the MAX Rate
6. x = 1/(1+I)
7. y = 1/(1+J)
8. Calculate the Present Value of an annual payment of $1.00 at the rate I, from your current age T to age A+15, namely
   P = 1 + x + x² + ... + x^A+14-T = (1-x^A+15-T)/(1-x)
9. Calculate the Present Value, at age A+15, of an annual payment of $1.00 at the rate J, to age 90, namely
   1 + y + y² + ... + y^90-(A+15) = (1-y^75-A)/(1-y) the Value of umpteen $1.00 payments, at age A+15
   and, bringing it to the present (A+15-T years earlier than at A+15 ... to your present age), gives:
   Q = x^(A+15-T) (1-y^75-A)/(1-y)
10. PV = P + Q

Here's a picture of the LIF Maxima (as well as RRIF/LIF Minima):

... OR, of you just want a spreadsheet which looks like this:

then to download

Your Age (on Jan 1) =     CANSIM long bond rate = %     Jan 1 LIF balance = $ Maximum Annual LIF Income = %   x (January 1 balance)