What you get in hand, what you owe or get back at filing, and how 2026 federal and Quebec tax on the
withdrawal changes with the rest of your income.
Withheld by your bank
$3,600
24% of $15,000, federal and Quebec combined
Cash you receive
$11,400
on the day of the withdrawal
Final 2026 tax on it
$0–$5,734
depends on your other income (table below)
If the withdrawal is your only income this year, the tax is $0
(0.0%) and you get $3,600 of the
withholding back when you file. Put in your own income in the
RRSP withdrawal tax calculator, prefilled with this withdrawal.
$15,000 on top of your other income
The whole withdrawal is added to your taxable income, so the more you already earn, the higher the rate it is
taxed at. Other income means employment, pension, CPP, OAS or anything else taxable in 2026.
"At filing" is the withheld $3,600 minus the real tax: + is a refund, − is a balance owing.
"Half next year" compares taking $7,500 this year and $7,500 next year, with the same
other income both years.
*If you're 65 or older and your other income includes OAS, the withdrawal also triggers this much OAS recovery tax.
Need exactly $15,000 in your account?
Withdraw $21,127. The bank
withholds $6,127 (29%) and you receive
$15,000. The whole $21,127 counts as income, so the tax at
filing is on that, not on $15,000.
Decisions that change the bill
Several smaller withdrawals: 3 withdrawals of
$5,000 are each withheld at the lowest rate, $2,850 in
total instead of $3,600. That only changes cash now: the final tax is the same, so
you pay the difference when you file. Institutions can apply the higher rate when the withdrawals are made together.
Splitting across two tax years: the biggest saving here is $316, at $100,000 of other income. A December and a January withdrawal land in different tax years.
If you're 65+ and get the GIS: a single senior whose only other income
is OAS ($9,000 a year) would pay $149 of tax on this withdrawal and lose
$9,611 of GIS over the next July-to-June benefit year, because the GIS is based on last
year's income and RRSP withdrawals count. Together that is 65% of the withdrawal.
TFSA withdrawals don't affect the GIS. See OAS and GIS payment amounts.
Buying a first home or going back to school: withdrawals under the
Home Buyers' Plan or the Lifelong Learning Plan
are not taxed if you repay them on schedule.
A spousal RRSP: if your spouse contributed in this year or the two years
before, the withdrawal is taxed in their hands instead. See the spousal RRSP calculator.
$15,000 in other provinces
Tax on the withdrawal with no other income, and with $60,000.
Withholding: one withdrawal of $15,000 falls in the middle tier,
19% up to $5,000, 24% up to $15,000, 29% over $15,000 (federal and Quebec combined).
Tax: 2026 federal and Quebec brackets and basic personal amounts, single filer, on the withdrawal added to the other income shown.
Age amount: the table is for any age and leaves it out. The 65+ GIS case above includes the federal and provincial age amounts. RRSP withdrawals do not qualify for the pension income credit.
OAS clawback: 15% of net income above $95,323 in 2026, until the OAS is
fully repaid at $155,320 (ages 65 to 74).
GIS: a single senior with the full OAS ($762.50 a month at 65 to 74) and this quarter's GIS,
up to $1,138.90 a month and nothing once other income reaches $23,112.
Frequently asked questions
How much tax on a $15,000 RRSP withdrawal in Quebec?
Your bank withholds $3,600 (24%) and pays you $11,400. The final 2026 tax is $0 to $5,734 depending on your other income; if the withdrawal is your only income it is $0, so you get $3,600 back when you file.
How much will I actually receive from a $15,000 RRSP withdrawal in Quebec?
$11,400 lands in your account: the institution keeps $3,600, the 24% federal and Quebec withholding rate for a single withdrawal of this size. To end up with $15,000 in hand, withdraw $21,127 instead.
Will I owe more tax at filing time on a $15,000 RRSP withdrawal?
Only if your other income is high enough. With $0 of other income: $3,600 refund. With $20,000 of other income: $254 owing. With $40,000 of other income: $286 owing. With $60,000 of other income: $1,818 owing. With $80,000 of other income: $1,818 owing. With $100,000 of other income: $2,134 owing. The withholding is a prepayment; your T1 settles the difference at your marginal rate.
Is it cheaper to spread a $15,000 withdrawal over two years?
It can be. Taking $7,500 in December and $7,500 in January saves the most at $100,000 of other income: $316 less tax, because each half is taxed in a lower bracket. The full table above shows the saving at every income level.
