RRSP · Free calculator
A $10,000 RRSP withdrawal withholds 20%.
Worked example. Put your own numbers in below.
RRSP withdrawal tax calculator for Canada
One question: how much tax is withheld when I take money out of my RRSP, and what lands in my account? Enter the amount and where you live. Or flip it: enter the amount you need in hand, and get the withdrawal to request.
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How the withholding rate is set
Your financial institution withholds tax the moment you take money out of an RRSP, at a flat rate set by the withdrawal size: three brackets, higher on a bigger withdrawal. The table above (open it to see all three) comes from the CRA's Tax rates on withdrawals page, updated 2026-01-29.
| Withdrawal | Rate withheld | Withheld | You receive |
|---|---|---|---|
| $3,000 | 10% | $300 | $2,700 |
| $10,000 | 20% | $2,000 | $8,000 |
| $20,000 | 30% | $6,000 | $14,000 |
The calculator applies the rate for the band a withdrawal falls in to the whole withdrawal. Quebec: the federal part is 5%, 10% and 15% for the same three bands. Provincial tax is also withheld there, so what lands in your account is less than the federal part alone leaves.
Withholding is not your final tax
The withdrawal is added to your income for the year, and the tax withheld is only a down payment against what you actually owe. At filing, the CRA settles the difference: if your real rate on the withdrawal is higher than what was withheld, you pay the rest. The withheld amount can fall short of what you owe.
Working backwards from the amount you need
If you need a fixed amount in hand, divide it by one minus the withholding rate to get the withdrawal to request. The catch: the bigger request can jump into a higher bracket. Netting $15,000 outside Quebec cannot be done at 20%, because $15,000 ÷ 0.80 = $18,750 is over the $15,000 line, so the whole withdrawal is withheld at 30%: $15,000 ÷ 0.70 = $21,428.57. The calculator above checks the jump for you: pick "The amount I need in hand".
Quebec residents
The rates above for Quebec are the federal part only. Revenu Québec withholds provincial tax on top of it. Check the total with your financial institution or with Revenu Québec before you withdraw.
Home Buyers' Plan and Lifelong Learning Plan
A qualifying Home Buyers' Plan or Lifelong Learning Plan withdrawal follows its own repayment rules on canada.ca and is not withheld this way.
Splitting a withdrawal into smaller ones
Each withdrawal is rated on its own amount, so a smaller withdrawal can land in a lower bracket. An institution can refuse a pattern of withdrawals it treats as one transaction, and the CRA still settles the real tax owed at filing regardless of how it was withheld.
Questions about RRSP withdrawal tax
Is the tax withheld on an RRSP withdrawal my final tax?
No. When you file, you include the withdrawal in your income. The CRA says the tax withheld may not be enough for your tax bracket, so you may owe more.
Source: CRA, Tax rates on withdrawals
How much tax is withheld on an RRSP withdrawal?
Outside Quebec, your financial institution withholds 10% on amounts up to $5,000, 20% on amounts over $5,000 up to and including $15,000, and 30% on amounts over $15,000. The worked examples above show three amounts.
Source: CRA, Tax rates on withdrawals
Is the withholding different in Quebec?
Yes. For an RRSP held in Quebec the federal part is 5% on amounts up to $5,000, 10% up to and including $15,000, and 15% over that. Provincial tax is withheld as well, and this calculator shows the federal part only.
Source: CRA, Tax rates on withdrawals
Is tax withheld on a Home Buyers' Plan withdrawal?
Not on withdrawals within the plan's limit. The CRA says your RRSP issuer will not withhold tax on amounts up to that limit, so this calculator does not apply to them.
Written by Mo Kechout CRA figures verified