Withdrawals from a RIF Plan (including the minimum RIF Payment Amount) are considered taxable income in the year that the funds are withdrawn. The taxation rate will vary based on your total income and where you live.

Also, as per federal and provincial regulations, the following withholding taxes will be applied to any additional withdrawal(s) that are in excess of your minimum RIF Payment Amount:

Amount withdrawn above the minimum RIF Payment Amount	Withholding tax in all provinces, except Québec	Withholding tax in Quebec
Up to $5,000	10%	19%
$5,001 to $15,000	20%	24%
More than $15,000	30%	29%

RSP withdrawal withholding tax for Non-Residents is 25%