For registered plans, withdrawal amounts will determine the withholding tax.
- Up to $5,000.00 = 10% (20% for Québec residents)
- $5,000.01 to $15,000.00 = 20% (25% for Québec residents)
- $15,000.01 or more = 30%
For income fund accounts, there is no withholding tax until the minimum payment amount is met unless requested by the annuitant. Once the minimum payment amount is met, any amounts above the minimum are subject to withholding tax.
Non-resident tax rates apply to non-residents of Canada and depend on the country of residence.