How this calculator works
Enter your other taxable income, the province or territory, and the amount you withdraw from an RRSP. The payer withholds 10% on a withdrawal of up to $5,000, 20% on an amount over $5,000 and up to $15,000, and 30% on an amount over $15,000. The rate applies to the whole withdrawal, not in steps, so a withdrawal of $15,001 is withheld at 30%. The withholding is a prepayment, not the final tax. The withdrawal is added to your taxable income, and the final tax is the difference between the tax on your income with the withdrawal and the tax without it, using the 2026 federal and provincial brackets. In a low-income year the extra tax can be less than the amount withheld, which produces a refund. In a high-income year it can be more, which leaves a balance owing. This page assumes no other deductions, credits or income changes, and it does not apply the pension income credit, the Canada Employment Amount, the OAS recovery tax, provincial surtaxes or the Quebec abatement. Quebec is out of scope because it withholds 5%, 10% or 15% federally and also withholds provincial tax. Also out of scope: non-resident withholding of 25%, RRIF withdrawals, withholding on a payment in kind, and a withdrawal made under the Home Buyers' Plan or Lifelong Learning Plan, which have their own repayment rules. Canada differs from the United States: this is a withholding and refund system for registered retirement savings, separate from the rules for an IRA or 401(k).
Formula
Withholding rate = 10% for a withdrawal up to $5,000, 20% for more than $5,000 up to $15,000, and 30% for more than $15,000. Withholding tax = withdrawal x rate. Extra tax = tax on (other income + withdrawal) - tax on other income. Tax owing or refund = extra tax - withholding tax. After-tax withdrawal = withdrawal - extra tax. Effective rate = extra tax / withdrawal.
Worked example
With $30,000 of other income in Ontario and a $20,000 withdrawal, the rate is 30% and $6,000 is withheld. Tax on $50,000 is $6,565.78, and tax on $30,000 is $2,755.78, so the withdrawal adds $3,810.00 of tax. The $6,000 withheld covers that and produces a $2,190 refund; the after-tax amount is $16,190. In a low-income year with $10,000 of other income and a $5,000 withdrawal, only $101.56 of tax is added at filing, so the $500 withheld produces a $398.44 refund.
Frequently asked questions
How much tax is withheld from an RRSP withdrawal?
The payer withholds 10% on up to $5,000, 20% on more than $5,000 up to $15,000, and 30% on more than $15,000. The rate applies to the entire withdrawal, so $15,001 is withheld at 30%.
Is the withholding tax the final tax on an RRSP withdrawal?
No. The withholding is a prepayment. The withdrawal is added to your taxable income and taxed at your marginal rate when you file, so you may owe more or receive a refund.
Why would an RRSP withdrawal give me a refund?
If you have a low-income year, the tax on the withdrawal can be lower than the amount withheld. For example, a $5,000 withdrawal with $10,000 of other income in Ontario adds about $101.56 of tax but has $500 withheld, producing a refund of about $398.44.
Are RRSP withdrawals taxed the same way in Quebec?
No. Quebec withholds 5%, 10% or 15% for the federal tax and also withholds provincial tax, so the combined rate differs from the rest of Canada. This calculator covers the other provinces and territories.