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Can I withdraw money from my RRSP?
Written by Adam Rayf
Updated over a week ago

You have the option to make withdrawals from an RRSP through the Home Buyers' Plan (HBP) or Lifelong Learning Plan (LLP). Withdrawing money from an RRSP comes with tax implications and withdrawal fees.

A $25.00 (+ tax) fee is charged on partial withdrawals (or HBP/LLP withdrawals) from an RRSP and a $50.00 (+ tax) fee is charged on full withdrawals. This is standard across financial institutions, as those accounts are registered with the government.

Withdrawals from RRSP will count as income, and will therefore also be taxed.

Accordingly, there is a standard amount of tax withheld on RRSP withdrawals of varying amounts, depending on your province of residence.

👉 10% on amounts up to $5,000

👉 20% on amounts over $5,000 up to including $15,000

👉 30% on amounts over $15,000

For Quebec residents, the provincial withholding rate is 16%, added to the CRA withholding tax of 5%, 10%, and 15% on withdrawals of under $5,000, $5,000 to $15,000, and over $15,000, respectively. In addition, Quebec withholding tax only applies to single withdrawals from an RRSP.

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