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- Withdraw all your RRSP funds at maturity. The entire amount will be subject to withholding tax. The withholding tax is taken out of your withdrawal immediately. The entire amount must be added to your income when filing taxes. You’ll receive a credit for any withholding tax taken from your RRSP withdrawal.
www.sunlife.ca/en/investments/rrsp/withdrawals/
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What happens if I withdraw RRSP funds at maturity?
When can I make a withdrawal from my RRSP?
How much tax do RRSP withdrawals pay?
Can I withdraw money from my RRSP as a lump sum?
Your RRSP reaches maturity on the last day of the calendar year you turn 71. At this point, you can access your RRSP assets through 3 maturity options. The tax implications of your decision depend on the option that you choose.
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Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan.
If you own locked-in RRSPs, generally you will not be allowed to withdraw funds from them. If you do not know if your RRSPs are locked in, contact your RRSP issuer. If your RRSPs are not locked in, you can withdraw funds at any time.
Note
If you directly transfer funds from one RRSP to another, we consider this to be a transfer of funds, not a withdrawal. For more information, see Transferring.
•Withdrawing from your own RRSPs
•Withdrawing from spousal or common-law partner RRSPs
•Withdrawing the unused contributions
•Tax rates on withdrawals
•Guide T4040, RRSPs and Other Registered Plans for Retirement
You cannot withdraw funds from a locked-in RRSP until the specified retirement age. You can unlock funds in special circumstances such as financial hardship (not all provinces allow this), shortened life expectancy or you can request small balances to be unlocked at age 55.
Province/territoryTax RateBritish Columbia5.06% on the first $47,937 of taxable ...Alberta10% on the first $148,269 of taxable ...Saskatchewan10.5% on the first $52,057 of taxable ...Manitoba10.8% on the first $47,000 of taxable ...Jan 9, 2024 · Withdraw all your RRSP funds at maturity. The entire amount will be subject to withholding tax. The withholding tax is taken out of your withdrawal immediately.
Nov 1, 2023 · If you meet the Canada Revenue Agency’s (CRA) eligibility rules, you can withdraw up to $35,000 to pay for your first home. You must re-contrbute the money to your RRSP starting 2 years after you withdraw it, and you have 15 years to pay it all back, or include the amounts in your income.
May 15, 2024 · When you do decide to withdraw funds from your RRSP, the amount withdrawn is added to your taxable income for that year and subject to income tax at your marginal tax rate.
Jun 23, 2023 · When withdrawing from your RRSP before it matures (age 71), the financial institution automatically puts aside a percentage for taxes. The rate of tax depends on how much you withdraw: 10% is held back for withdrawals up to $5,000. 20% is held back for withdrawals between $5,000 and $15,000.
