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How are withdrawals from a RIF taxed?

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from a RIF Plan (including the minimum RIF Payment Amount) are considered taxable income in the year that the funds are withdrawn.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.

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Amount withdrawn above the minimum RIF Payment AmountWithholding tax in all provinces, except QuébecWithholding tax in Quebec
Up to $5,00010%19%
$5,001 to $15,00020%24%
More than $15,00030%29%

RSP withdrawal withholding tax for Non-Residents is 25%