When you withdraw funds from an RRSP, your financial institution withholds the tax. The rates depend on your residency and the amount you withdraw. For residents of Canada, the rates are:
See Also
RRSP Withdrawal Rules: What You Need to KnowWhat will you do with your RRSP when you turn 71?How to make withdrawals from your RRSPs under the Home Buyers' PlanCan I redeem my RRSP+ if I leave Canada?- 10% (5% in Quebec) on amounts up to$5,000
- 20% (10% in Quebec) on amounts of $5,000 and over, up to and including$15,000
- 30% (15% in Quebec) on amounts over$15,000
For funds held in the province of Quebec, there will also be provincial tax withheld. For more information on Quebec withholding, contact your financial institution or Revenu Québec.
See Also
RRSP Tips for 60sFor non-residents of Canada, withholding is 25% unless reduced by a treaty. See Information CircularIC76-12R8, Applicable rate of part XIII tax on amounts paid or credited to persons in countries with which Canada has a tax convention.
