Tools

RRSP Withholding Tax Calculator (Canada)

Use this free RRSP withholding tax calculator to see what your bank holds back on an RRSP withdrawal, what actually lands in your account, and what you will owe — or get back — at tax time.

Last updated: June 2026 · Based on current CRA withholding rates

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The withdrawal is added to this income and taxed at graduated federal + provincial rates. The difference between that real tax and the amount withheld is your estimated refund (or extra owing) when you file.

Withdrawal summary

Withholding tax (20%) − $2,000

You receive

$8,000

of your $10,000 withdrawal

■ You receive  ■ Withheld now

How RRSP Withholding Tax Works in Canada

When you take money out of an RRSP before converting it to a RRIF, your bank or broker is required to hold back a percentage and send it to the CRA immediately. This RRSP withholding tax depends only on two things: how much you withdraw in a single request, and whether you live in Quebec. Your income, age, and reason for withdrawing do not change the withholding rate.

Single withdrawal amount All provinces except Quebec Quebec (federal + provincial)
Up to $5,00010%5% + 14% = 19%
$5,000.01 to $15,00020%10% + 14% = 24%
Over $15,00030%15% + 14% = 29%

The official rates are published by the CRA on its tax rates on RRSP withdrawals page. Note the sharp jumps at the thresholds: withdrawing $15,000 costs you $3,000 in withholding, while withdrawing $15,001 costs $4,500.30 — one extra dollar triggers $1,500 more held back upfront. Try the $15,001 quick button in the calculator above to see it.

Withholding Tax Is Not Your Final Tax

This is the single most misunderstood part of RRSP withdrawals. The withholding is a prepayment, not the final bill. The full withdrawal is added to your taxable income for the year, and the real tax depends on your combined federal and provincial marginal rates. When you file your return:

— If the withholding was more than the real tax (common for lower incomes), the difference comes back as a refund.
— If the withholding was less than the real tax (common for higher incomes, especially on withdrawals under $5,000 where only 10% is held back), you owe the difference at tax time.

Worked example — Ontario

You withdraw $10,000 with $80,000 of other income. The bank withholds 20% ($2,000) and you receive $8,000.

At tax time, the $10,000 is taxed at your marginal rate of roughly 24% — about $2,415 of real tax.

You already prepaid $2,000, so you owe roughly $415 more when you file. The same withdrawal with $30,000 of income would produce a refund instead.

Use the optional refund estimate in the calculator to run your own numbers. For the full rate tables behind this, see our guide to RRSP withholding tax rates in Canada, and if you expect money back, how the RRSP withholding tax refund works.

Can You Reduce RRSP Withholding Tax?

Splitting one large withdrawal into several smaller ones can lower the rate applied to each request — three separate $5,000 withdrawals are each withheld at 10%, versus 20% on a single $15,000 request. Two honest caveats: many institutions apply the rate based on your total withdrawals with them, and the CRA can treat a planned series as one withdrawal. More importantly, your real tax does not change — splitting only changes how much is prepaid now versus owed at filing. For timing strategies that do work, read our guide on how to reduce RRSP withholding tax in Canada.

When No Withholding Tax Applies

Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP)

Withdrawals under the HBP (up to $60,000 for a first home) and LLP (up to $10,000 per year for education) have no withholding tax, because they are loans from your own RRSP that you repay over time rather than taxable income.

RRIF minimum withdrawals

Once your RRSP becomes a RRIF, the annual minimum withdrawal has no withholding. Only the portion you take above the minimum is withheld, using the same bracket table as above.

Non-residents of Canada

If you live outside Canada, RRSP withdrawals are subject to a flat 25% non-resident withholding tax under Part XIII, regardless of the amount (a tax treaty may reduce this). The graduated 10/20/30% table does not apply.

Frequently Asked Questions

How much tax is withheld on a $20,000 RRSP withdrawal?
Outside Quebec, 30% is withheld on any single withdrawal over $15,000 — so $6,000 is held back and you receive $14,000. In Quebec the combined rate is 29% ($5,800 withheld). Your final tax may be higher or lower once the $20,000 is added to your income for the year.
Do I get the RRSP withholding tax back?
Sometimes. The withholding is a prepayment of income tax. When you file your return, the real tax on the withdrawal is calculated at your marginal rate. If less than what was withheld, you get the difference back as a refund. If more, you owe the difference. Use the refund estimate option in the calculator above.
Is RRSP withholding tax different in Quebec?
Yes. Quebec residents pay a lower federal withholding (5%, 10%, or 15%) plus a 14% provincial withholding, for combined rates of 19%, 24%, and 29% across the three brackets.
Can I withdraw $5,000 at a time to pay only 10%?
Each separate $5,000 request is normally withheld at 10%, but many banks apply the rate to your cumulative withdrawals, and the CRA can treat a pre-planned series as a single withdrawal. Even when it works, your final tax bill is unchanged — you may simply owe more at filing time.
Does withholding tax apply to the Home Buyers’ Plan?
No. HBP withdrawals (up to $60,000) and LLP withdrawals have no withholding tax because they are treated as loans you repay to your own RRSP, not as taxable income.
How is this different from capital gains tax?
Investments inside an RRSP grow tax-deferred and the 50% capital gains inclusion rate never applies — every dollar withdrawn is taxed as ordinary income. For investments held outside registered accounts, see our capital gains tax calculator.

Planning around RRSP taxes?

Go deeper on the rates, the refund rules, and the strategies that actually reduce what you pay — or compare how investments are taxed outside an RRSP.

RRSP Withholding Tax Rates How to Reduce It Capital Gains Tax Calculator

Disclaimer: This RRSP withholding tax calculator is for estimation purposes only and does not constitute financial or tax advice. Withholding rates are set by the CRA and may change; refund and owing estimates are approximations based on published combined federal and provincial marginal rates and do not account for deductions, credits, or other income factors. Consult a qualified Canadian tax professional before making withdrawal decisions.