RRSP growth and withdrawal tax
Money grows tax-deferred in an RRSP, but every dollar you take out is taxable income. The bank holds back some tax when you withdraw; your real bill is settled when you file.
Assumptions
- Withholding outside Quebec: 10% up to $5,000, 20% over $5,000 up to $15,000, 30% over $15,000.
- Withholding is a prepayment; final tax depends on your total income.
- HBP and LLP withdrawals have no withholding and are covered by their own calculators.
General information, not financial advice. This calculator gives rough estimates from simplified assumptions. It does not know your full situation. Check with a qualified professional and the official sources before making decisions.
Sources
Figures checked October 16, 2026. Rules and limits change; confirm with the source before acting.
Related
See also Home Buyers' Plan and RRIF minimums.