Chequing
- Personal
- Business
Chequing
Credit Cards
How are withdrawals from a RIF taxed?
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from a RIF Plan (including the minimum RIF Payment Amount) are considered taxable income in the year that the funds are withdrawn.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.
| Amount withdrawn above the minimum RIF Payment Amount | Withholding tax in all provinces, except Québec | Withholding tax in Quebec |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%
