RRSP Withholding Taxes

Withholding tax varies depending on the amount withdrawn and your province of residence.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. 

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This RRSP Withholding Taxes calculator estimates how much tax will be withheld from your RRSP withdrawal, depending on where you live, your taxable income, and the amount withdrawn.

Financial institutions are required to withhold taxes on all cash withdrawals from an RRSP.

RRSP Withholding Taxes

Companion Infographic

This Registered Plan Limits infographic in FreshPlan outlines the 2022 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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