Tax Guide/Income
RRSP withdrawals
Updated November 4, 2026
An RRSP withdrawal is added to your income for the year. Your institution issues a T4RSP and withholds tax up front.
| Withdrawal | Withholding (outside Quebec) |
|---|---|
| Up to $5,000 | 10% |
| $5,000.01 to $15,000 | 20% |
| Over $15,000 | 30% |
This is only a prepayment. You may owe more at filing, depending on your total income. You also lose that contribution room permanently.
The Home Buyers' Plan and Lifelong Learning Plan are the main exceptions.