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
Can a Canadian Living and Working in the U.S. Contribute to an RRSP?Types of investments - Canada.caLeaving Canada (emigrants) - Canada.caWhat is the 50/30/20 Budget Rule?- 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.
For 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.
