How much tax is withheld when I take money out of my RRSP?
For Canadian residents outside Quebec, your financial institution withholds 10% on withdrawals up to $5,000, 20% on $5,000 to $15,000, and 30% over $15,000. It's a prepayment, not the final tax: the full withdrawal is added to your income, and the real tax is settled when you file.
Common questions
Why do some people withdraw in small amounts?
Smaller withdrawals have lower withholding. It doesn't change the tax you ultimately owe, only how much is held back up front.
Is the RRIF minimum withheld?
No. Withholding applies to RRIF amounts above the minimum.
Can I ask for more to be withheld?
Yes, to avoid a balance owing when you file.
Withdrawals are a sequence.
How much to take, from which account and in which year is where the planning happens. We'll map it.
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Open →Figures as at November 2026. Sources: Canada Revenue Agency, Service Canada, Income Tax Act.
Illustrative arithmetic only. Figures set by legislation can change; verify current rules before relying on any result. Educational only. Not tax, legal, or investment advice. Confirm with your accountant before acting. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Wealth Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through David Creighton, Lindsay Smith, John Creighton, Matthew Smith, Darroll Powe, and Creighton Financial Group.