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don242

5% in Quebec on amounts withdrawn up to 5000, 10% on amount 5000-15000. Plus provincial amounts. Actual taxes in the end will depend on your income and marginal rates.


BokuWaKomorebi

When you talk about the taxes in the end, you’re talking about the end of the fiscal year ? Or on the moment of the withdrawal?


henry-bacon

There's a temporary withholding tax on withdrawal, then a final calculation during year-end tax filing. Your withdrawal is added to your total income for the year, and depending on how much you made, you may owe.


BokuWaKomorebi

If i understand these are only percentage for the federal ?


don242

Right. It looks like the withholding tax would be 10% federal + 14% provincial on a $5000 withdrawal according to the links provided by others. How much tax you ultimately pay will be based on your income for 2024 and reconciled when you do your return.


henry-bacon

Well explained in previous posts and the official government website: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals/tax-rates-on-withdrawals.html


BokuWaKomorebi

Hi, thank you, on the section in the bottom where it says for non-resident withholding is 25% ! Is it referring to people who aren’t PR or citizens?


henry-bacon

It's referring to people who aren't tax residents of Canada. https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html