moomoo CA Help Center-Withholding tax on withdrawals from an RRSP account
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Help Center Withholding tax on withdrawals from an RRSP account

Withholding tax on withdrawals from an RRSP account

If you withdraw funds from your Registered Retirement Savings Plan (RRSP), a withholding tax will be automatically deducted at the time of the withdrawal. The rate of withholding tax is determined by both the amount withdrawn and the region of residency.

For Canadian residents, the withholding tax rates are as follows:

  • Withdrawals of up to 5,000 CAD are taxed at a rate of 10% (an additional 5% is collected in Quebec).

  • Withdrawals over 5,000 CAD but not exceeding 15,000 CAD are taxed at a rate of 20% (an additional 10% is collected in Quebec).

  • Withdrawals over 15,000 CAD are taxed at a rate of 30% (an additional 15% is collected in Quebec).

 

*Note: For more detailed information on withholding taxes, please click here to visit the official website of the Canadian government or consult a qualified tax advisor for relevant advice.