This RRSP Withholding Taxes calculator estimates how much tax will be withheld from your RRSP withdrawal, depending on several factors. Withholding tax varies depending on the amount withdrawn and your province of residence.
It’s important to know what taxes may be owed after reporting the withdrawal as income.
Financial institutions are required to withhold taxes on all cash withdrawals from an RRSP. The RRSP Withholding Taxes calculator estimates the amount based on where you live, your taxable income, and the amount withdrawn.
• 10% (5% in Quebec) on amounts up to $5,000
• 20% (10% in Quebec) on amounts over $5,000 up to including $15,000
• 30% (15% in Quebec) on amounts over $15,000
This Registered Plan Limits infographic in FreshPlan outlines the contribution limits for Money Purchase Plans (MPP), Defined Benefit Plan (DBP), Registered Retirement Savings Plans (RRSP), Tax Free Savings Accounts (TFSA), Deferred Profit Sharing Plans (DPSP) and Maximum Pensionable Earnings.
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