How much tax is withheld when a withdrawal is made from an RRSP?

When you redeem an RRSP, the total amount of the withdrawal is taxable. Consequently, the tax withheld varies according to the amount withdrawn.

The tax withheld when a withdrawal is made from an RRSP is taxed at the rates in effect at the time of redemption.

Then, you must declare the amount withdrawn on your tax return for the year in which the redemption was made.

However, if you transfer your RRSP to another plan, such as another RRSP, an annuity or a Registered Retirement Income Fund (RRIF), no tax will be withheld.

Do you have a more questions?

Our agents will be pleased to answer any questions you may have at:

1 800 567-3663
Legal Notes

Please read the prospectus before buying Fonds de solidarité FTQ shares. Copies of the prospectus may be obtained on the fondsftq.com website, from a local representative or at the offices of the Fonds de solidarité FTQ. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.
Prospectus En ( 883 Kb )