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. The tax withheld varies according to the amount withdrawn.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Then, you must declare the amount withdrawn on your tax return for the year in which the redemption was made.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 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 Website fondsftq.com, from a local representative or at the offices of the Fonds de solidarité FTQ. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends and do not take into account income taxes payable by any security holder that would have reduced returns. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.