For registered plans, withdrawal amounts will determine the withholding tax.
- Less than $5,000 = 10% (20% for QC residents)
- $5,001 to $15,000 = 20% (25% for QC residents)
- More than $15,000 = 30%
For income fund plans, 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.