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Partial Withdrawals
You can withdraw cash or securities from an RSP at any time, but there are tax consequences.
The amount withdrawn will be added to your income for the year and taxed accordingly. Part of that tax will be collected at the time of withdrawal. The withholding rate ranges from 10% to 31% depending on the amount and the province in which you reside.
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Withholding Tax on RSP Withdrawals
|
|
Amount
withdrawn
|
Quebec
residents
|
Residents of
other provinces
|
|
Up to $5,000
|
21 %
|
10 %
|
|
$5,001 – $15,000
|
26 %
|
20 %
|
|
More than $15,000
|
31 %
|
30 %
|
| |
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