{"id":2006,"date":"2026-02-09T20:38:08","date_gmt":"2026-02-09T20:38:08","guid":{"rendered":"https:\/\/wp.springfinancial.ca\/?p=2006"},"modified":"2026-02-09T20:38:09","modified_gmt":"2026-02-09T20:38:09","slug":"rrsp-withholding-tax-canada","status":"publish","type":"post","link":"https:\/\/springfinancial.ca\/fr\/blog\/tax-tips\/rrsp-withholding-tax-canada\/","title":{"rendered":"What&rsquo;s the RRSP Withholding Tax in Canada?"},"content":{"rendered":"\n<p>That said, once you start using the funds when you reach retirement age, whether it\u2019s through a Registered Retirement Income Fund or a Life Income Fund, you need to start paying the tax to the Canada Revenue Agency on that money. You\u2019ll also need to pay tax on those funds if you withdraw the money before you reach retirement age, unless you qualify under the Home Buyers Plan or Lifelong Learning Plan.&nbsp;<\/p>\n\n\n\n<p>When you have to pay tax on amounts you withdraw from an RRSP, that\u2019s called a Federal Withholding Tax and is established in the Income Tax Act. This tax is based on how much money you\u2019re withdrawing from your account and where you\u2019re located. Let\u2019s take a look at the withholding taxes in Canada.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How RRSPs Work<\/strong><\/h2>\n\n\n\n<p>As we mentioned, <a href=\"https:\/\/www.springfinancial.ca\/blog\/save-and-invest\/are-rrsps-worth-it\">RRSPs<\/a> are retirement accounts that you can add money to. You can add the money yourself, or your spouse or common-law partner can. You can also create a spousal RRSP for your partner.<\/p>\n\n\n\n<p>Since the amounts you invest are tax-deferrable, not tax-free, you can claim what you add every year to your income taxes and receive a tax credit for your pre-tax income with the Canada Revenue Agency (CRA). You\u2019ll receive a tax slip in the mail in order to claim these amounts for tax purposes for the tax year.<\/p>\n\n\n\n<p>While you do pay tax on the same amount of money when you retire, it will likely be at a lower tax rate because you will fall into a different tax bracket since your gross income will likely be smaller. Investing money into your RRSP during your working years saves you money on your higher tax bracket and allows you to save for your future.&nbsp;<\/p>\n\n\n\n<p>Because RRSPs are an investment, you can choose how you want to invest. One of the most popular options for RRSPs is mutual funds. Whichever way you choose to invest in your RRSP contributions, there is a limit on what you can invest yearly. That said, any unused contribution room can be put towards the next year. Most people choose to invest steady contributions every pay period throughout the year.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can Anyone Open an RRSP?<\/strong><\/h3>\n\n\n\n<p>While most Canadians can open an RRSP, there are a few stipulations that you need to meet to qualify.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must be a Canadian resident.<\/li>\n\n\n\n<li>You must earn money and have filed a Canadian income tax return.<\/li>\n\n\n\n<li>You must be open and have contributed before December 31 of the year you turn 71.<\/li>\n<\/ul>\n\n\n\n<p>While you can choose from many different forms of investments, RRSPs are popular for Canadian residents to save money for retirement.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Withdrawing From Your RRSP<\/strong><\/h2>\n\n\n\n<p>While RRSPs are meant to be held until you reach retirement age, you can actually withdraw any amount out of your account at any time. That said, while it\u2019s your money, you will have to pay a penalty, also known as a withholding tax but how much tax you pay is based on how much you withdraw. The reason for this is that you don\u2019t pay income taxes on amounts that are deposited into your RRSP. Once the funds are withdrawn, then you need to pay those taxes.&nbsp;<\/p>\n\n\n\n<p>While you would also pay these taxes once you start withdrawing your RRSP from an RRIF, it would be deducted from your monthly payments as if it\u2019s your annual income. This is done so you don\u2019t end up paying taxes on the money twice.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Long It Takes to Cash Out an RRSP<\/strong><\/h2>\n\n\n\n<p>How long it takes your RRSP withdrawal to reach your bank account, all depends on your financial institution. That said, the majority of deposits will be seen in your account in just a few business days; it can actually take up to 6 weeks before the transaction is fully processed.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to Withdraw From an RRSP<\/strong><\/h2>\n\n\n\n<p>How you go about withdrawing from your RRSP really just depends on the reason for your withdrawal. The most common withdrawals are for the <a href=\"https:\/\/www.springfinancial.ca\/blog\/tax-tips\/first-time-home-buyers-tax-credit-canada\">Home Buyers Plan<\/a>, Lifelong Learning Plan, or just to gain some extra funds. When you start withdrawing at retirement, the RRSP will actually be converted to an RRIF (Registered Retirement Income Fund).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Home Buyers Plan<\/strong><\/h3>\n\n\n\n<p>When you withdraw funds from your RRSP using the HBP, you\u2019re using the funds to purchase a qualifying home for you or a relative with disabilities. You\u2019re able to withdraw up to $35,000 to avoid withholding taxes, and you have 15 years to pay the funds back to your RRSP. When it comes time for you to pay them back, you will be given a minimum payment amount that you\u2019ll be required to claim yearly.<\/p>\n\n\n\n<p>In order to withdraw money from your RRSP under these conditions, you do need to fill out a T1036 Home Buyers Plan Request to Withdraw form. Once it\u2019s filled out, you\u2019ll bring it to the issuer of the RRSP, and the request will be processed, and the funds will be deposited into your accounts.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Lifelong Learning Plan<\/strong><\/h3>\n\n\n\n<p>With the <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/lifelong-learning-plan\/participate.html\">LLP<\/a>, you\u2019re able to withdraw up to $10,000 per year, up to a total of $20,000, without paying any withholding tax. You\u2019ll only qualify for this as long as you\u2019re going to a qualified school and using the funds for your tuition. If you want to use the money for this reason, then you need to fill out a Form RC96. This is the Lifelong Learning Plan Request to Withdraw Funds from an RRSP form. Just like with the HBP form, you\u2019ll fill out the first part and then bring the form to your RRSP issuer. They\u2019ll process the request from there.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Standard Withdrawal<\/strong><\/h3>\n\n\n\n<p>If you\u2019re looking to withdraw from your RRSP for any reason other than the ones above or convert the RRSP into an RRIF, you\u2019ll need to contact your RRSP issuer. You\u2019ll either have to set a meeting, or you\u2019ll be sent paperwork to sign to finish the request. Once the request has been processed, you\u2019ll receive the funds in your account, and any withholding taxes will be withdrawn in one lump sum. You can then claim these tax implications on your annual tax return. Once the request has been processed, you\u2019ll receive the funds in your account.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springfinancial.ca\/apply-now?utm_source=blog&amp;SID=blog&amp;utm_source=blog&amp;utm_medium=inlinebanner&amp;utm_content=rrsp-withholding-tax-canada\"><img decoding=\"async\" style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2026\/03\/BlogBanner.png\" \/><\/a><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Different Withholding Taxes in Canada<\/strong><\/h2>\n\n\n\n<p>In Canada, withholding tax is pretty universal, but how much you pay depends on how much you withdraw. The only province that charges different withholding rates is Quebec. The rates in Quebec are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5% on amounts up to $5,000<\/li>\n\n\n\n<li>10% on amounts over $5,000<\/li>\n\n\n\n<li>15% on amounts over $15,000<\/li>\n<\/ul>\n\n\n\n<p>The withholding tax rates for the rest of Canada are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>10% on amounts up to $5,000<\/li>\n\n\n\n<li>20% on amounts over $5,000<\/li>\n\n\n\n<li>30% on amounts over $15,000<\/li>\n<\/ul>\n\n\n\n<p>It is important to keep these withholding amounts in mind when you\u2019re requesting amounts from your RRSP since even a small withdrawal will require withholding tax. The tax payable from each transaction will be taken off and given to the government before your money is deposited into your account instead of being added to your tax bill.&nbsp;&nbsp;<\/p>\n\n\n\n<p>For example, if you\u2019ve requested $4,700, and the withholding tax amount is 10%, $470 will automatically be given to the government, and $4,230 will be deposited to your account. The only way more will be withheld is if your financial institution charges any fees or annuities.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to Avoid Paying a Withholding Tax<\/strong><\/h2>\n\n\n\n<p>If you\u2019re looking to make early RRSP withdrawals and avoid paying the withholding tax, the only way is to withdraw for tuition or the purpose of your first home. Other than that, the best way to avoid tax consequences on early withdrawals would be to leave the funds in your account and avoid withdrawing them until you reach retirement age. That is unless you\u2019re a Non-Resident.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Non Residents and Withholding Tax<\/strong><\/h3>\n\n\n\n<p>When it comes to Non-Residents of Canada, you\u2019re actually charged a higher withholding tax rate of 25% when you cash out your RRSP early. However, you can apply to have that percentage reduced to the minimum amount of 15%. While it doesn\u2019t completely eliminate the withholding tax, it will save you more tax in the long run. Even though you\u2019re a non-resident, thanks to the tax treaty, you don\u2019t have to pay taxes in the country you\u2019re from, only Canadian taxes. This tax treaty helps to avoid any cross-border tax issues.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Withdrawing From Your RRSP at Different Ages<\/strong><\/h2>\n\n\n\n<p>When it comes to using your RRSP for retirement, there are some stipulations that you must meet before you start withdrawing funds. One of these is age. Not only is there a certain age at which you can start receiving RRSP funds, but there\u2019s also an age at which you have to start claiming your RRSP. Let\u2019s look at what withdrawing your RRSP looks like according to different retirement ages.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Age 55<\/strong><\/h3>\n\n\n\n<p>If you want to take out your RRSP at the age of 55, you\u2019re actually able to convert it into an RRIF and have no tax penalties. However, once you decide to do this, you must continue to take it out. Once you start receiving this money, it is considered to be taxable income along with any other income you receive, so you will need to pay tax on it based on your current total taxable income.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Age 65<\/strong><\/h3>\n\n\n\n<p>Since 65 is the age most people retire, you\u2019re able to take out your RRSP without any tax penalty. No matter what age you take it out, though, you have to continue receiving payments until the account is depleted.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Age 71<\/strong><\/h3>\n\n\n\n<p>By December 31 in the calendar year you turn 71, you must either take your RRSP as an annuity payout or choose to receive payments from an RRIF. You will not have to pay a withholding tax though, just standard taxes based on your total taxable income.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>RESPs And Withholding Fees<\/strong><\/h2>\n\n\n\n<p>RESPs, also known as Registered Education Savings Plans, are registered accounts that help people save for their child\u2019s education. You can also open one for yourself. Just like tax-free savings accounts, these accounts can earn money tax-free. However, there is tax payable when the funds are withdrawn from the account.&nbsp;<\/p>\n\n\n\n<p>When the person going to school, whether its part-time or full-time education, starts withdrawing funds from the tax-deferred account, they do have to pay tax on the funds withdrawn at their marginal tax rate as well as their provincial income tax rate. A T4 will then be sent around tax time so the funds can be claimed on your taxes since then they will be considered taxable income.&nbsp;<\/p>\n\n\n\n<p>If you or your child isn\u2019t going to be attending post-secondary education, the funds are still accessible. While there won\u2019t be RRSPS withholding tax rates as you would pay with a traditional RRSP, there is a 20% penalty with RESPs. However, there\u2019s also a way around this penalty.&nbsp; You can avoid it by transitioning the funds into an RRSP.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Minimize Your RRSP Withholding Taxes<\/h2>\n\n\n\n<p>While you can\u2019t withdraw funds tax-free, unless you\u2019re using the Lifelong Learning Plan (LLP) or the Home Buyers Plan (HBP), however, you can reduce the amount of withholding tax you\u2019re paying. This is because withholding tax varies depending on how much money you\u2019re withdrawing.&nbsp;<\/p>\n\n\n\n<p>Based on RRSP withdrawal rules and current withholding tax rates, you only pay 5% on up to $5,000. However, if you take out another $5,000 a week later, you still only pay 5%. There are different tax implications if you take out more than $5,000. Taking out the smaller amount when making RRSP withdrawals reduces the overall financial implications.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Much Should You Withdraw From Your RRSPs?<\/h2>\n\n\n\n<p>When you withdraw from your RRSPs, your financial institution makes the withdrawal immediately if you make the request within market hours. This is the same whether you make an LLP withdrawal or are using the HBP for a down payment for your first home. How much income tax you pay also is based on whether you\u2019re using one of these RRSP programs or not.&nbsp;<\/p>\n\n\n\n<p>If you are using one of the RRSP programs, then you can use as much as is allowed as long as you understand that you have to pay the funds back. If you\u2019re taking them out without one of these programs, then the funds will be considered income and be added to your total income. Meaning you pay the withholding tax, and the funds might also take you out of a lower tax bracket.&nbsp;<\/p>\n\n\n\n<p>Before you start withdrawing funds, your best bet is to see an advisor for investment advice. They\u2019ll be able to help you not permanently lose the room and stay within your contribution limits. They\u2019ll also be able to help you avoid any penalties that can be accrued on registered accounts from the Canadian government.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Final Thoughts<\/strong><\/h2>\n\n\n\n<p>RRSPs are a great way to invest your money for retirement, but they aren\u2019t a good idea for short-term investments. Withholding tax in Canada can be quite costly, so using a TFSA or High-Interest Savings Account makes more sense if you\u2019re looking for a short-term investment and intend to make withdrawals.&nbsp;<\/p>\n\n\n\n<p>In terms of saving for your retirement goals for your future self, they\u2019re a great idea for those who won\u2019t receive employment pensions or just periodic pension payments. They can help supplement your retirement income, allowing you to enjoy your retirement years and stress less about money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RRSPs, also known as Registered Retirement Savings Plans, are investment accounts that allow you to save money for your retirement while deferring the tax.<\/p>\n","protected":false},"author":23,"featured_media":3598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58],"tags":[],"class_list":["post-2006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What&#039;s the RRSP Withholding Tax in Canada? - Spring Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What&#039;s the RRSP Withholding Tax in Canada? - Spring Financial\" \/>\n<meta property=\"og:description\" content=\"RRSPs, also known as Registered Retirement Savings Plans, are investment accounts that allow you to save money for your retirement while deferring the tax.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"Spring Financial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/springfinancial\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-09T20:38:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-09T20:38:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2023\/11\/RRSP-withholding-tax-in-Canada.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1120\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jessica Steer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jessica Steer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/\"},\"author\":{\"name\":\"Jessica Steer\",\"@id\":\"https:\/\/springfinancial.ca\/#\/schema\/person\/33a6ea920a4b1c4924d6b2de718e5c2b\"},\"headline\":\"What&rsquo;s the RRSP Withholding Tax in Canada?\",\"datePublished\":\"2026-02-09T20:38:08+00:00\",\"dateModified\":\"2026-02-09T20:38:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/\"},\"wordCount\":2278,\"publisher\":{\"@id\":\"https:\/\/springfinancial.ca\/#organization\"},\"image\":{\"@id\":\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2023\/11\/RRSP-withholding-tax-in-Canada.jpg\",\"articleSection\":[\"Tax Tips\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/\",\"url\":\"https:\/\/springfinancial.ca\/blog\/tax-tips\/rrsp-withholding-tax-canada\/\",\"name\":\"What's the RRSP Withholding Tax in Canada? 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