Beneva
BMO Insurance
Canada Life
Desjardins Financial
Empire Life
Equitable Life
Great-West Life
Industrial Alliance
ivari
Manulife
RBC Insurance
Sun Life
How are RRIF payments taxed?
5 Factors
5 factors that determine how your RRIF payments are taxed.
- 1. Withdrawals from a RIFF are considered taxable income in the year withdrawn
- 2. Taxation rates vary by province
- 3. Withholding tax is applied, by federal law, to any withdrawals from a registered plan
- 4. The amount withheld depends on the amount of the withdrawal and the province in which you live
- 5. Withholding tax is not applied if you only withdraw the minimum amount in each province
Note: If you withdraw amounts above the minimum, the following withholding taxes will apply.
Applicable to residents of all provinces, except Qc
| Amount withdrawn above the minimum amount |
Withholding tax in all provinces, except Quebec |
|---|---|
| Up to $5,000 | 10% |
| $5,001 to $15,000 | 20% |
| More than $15,000 | 30% |
Applicable to residents of Quebec
| Amount withdrawn above the minimum amount |
Federal withholding tax | Provincial withholding tax |
|---|---|---|
| Up to $5,000 | 5% | 16% |
| $5,001 to $15,000 | 10% | 16% |
| More than $15,000 | 15% | 16% |
