Tax on a $60,000 RRSP Withdrawal (2026)
Withdraw $60,000 from your RRSP in 2026 and CRA withholds $18,000 immediately (30%) — or $17,400 (29%) if you're in Quebec. Your final tax bill depends on your marginal rate (other income + province).
Withheld at source (outside Quebec)
$18,000
30% of $60,000 — you receive $42,000 cash
Withheld at source (Quebec)
$17,400
29% combined fed + QC — you receive $42,600 cash
CRA Withholding Tiers (why 30%?)
| Withdrawal amount | Outside Quebec | Quebec (fed + prov) |
|---|---|---|
| Up to $5,000 | 10% | 19% (5% + 14%) |
| $5,001 – $15,000 | 20% | 24% (10% + 14%) |
| Over $15,000 | 30% | 29% (15% + 14%) |
Source: CRA S3-F10-C3 and Regulation 103. Withholding is a prepayment — your final tax is your marginal rate, reconciled on your T1.
Per-Province Final Tax (if RRSP is your only income for 2026)
Pure withdrawal scenario — e.g. retiree with no employment or CPP/OAS yet. Assumes 2026 basic personal amount (BPA) shelters the first ~$16,129 federally.
| Province | Withheld | Actual tax | Effective rate | Refund / (Owing) | Net in hand |
|---|---|---|---|---|---|
| Ontario | $18,000 | $8,817 | 15.0% | $9,182.75 | $51,183 |
| British Columbia | $18,000 | $9,015 | 15.0% | $8,984.99 | $50,985 |
| Alberta | $18,000 | $9,171 | 15.0% | $8,828.79 | $50,829 |
| Quebec | $17,400 | $11,200 | 19.0% | $6,199.60 | $48,800 |
| Manitoba | $18,000 | $11,222 | 19.0% | $6,778.01 | $48,778 |
| Saskatchewan | $18,000 | $10,462 | 17.0% | $7,537.92 | $49,538 |
| Nova Scotia | $18,000 | $12,205 | 20.0% | $5,795.38 | $47,795 |
| New Brunswick | $18,000 | $10,901 | 18.0% | $7,099.00 | $49,099 |
| Newfoundland and Labrador | $18,000 | $11,328 | 19.0% | $6,671.95 | $48,672 |
| Prince Edward Island | $18,000 | $11,503 | 19.0% | $6,497.21 | $48,497 |
| Northwest Territories | $18,000 | $8,848 | 15.0% | $9,152.03 | $51,152 |
| Yukon | $18,000 | $9,018 | 15.0% | $8,981.80 | $50,982 |
| Nunavut | $18,000 | $7,932 | 13.0% | $10,067.66 | $52,068 |
With Other Income (Ontario 2026)
What a $60,000 withdrawal actually costs when stacked on top of your existing income. Effective rate rises as your marginal rate climbs.
Other income: $0
$8,817
15.0% effective
Withheld $18,000 → refund $9,183
Other income: $30,000
$14,956
25.0% effective
Withheld $18,000 → refund $3,044
Other income: $60,000
$18,198
30.0% effective
Withheld $18,000 → owe $198
Other income: $100,000
$21,302
36.0% effective
Withheld $18,000 → owe $3,302
Run the numbers with your exact province, other income, and year: Open RRSP Withdrawal Tax Calculator →
Tax on Other RRSP Withdrawal Amounts
RRSP Withdrawal Tax by Province
Related Calculators
Frequently asked questions
How much tax do you pay on a $60,000 RRSP withdrawal?
CRA withholds $18,000 at source outside Quebec (30%), or $17,400 (29%) in Quebec. At filing you settle up at your marginal rate. With no other income in Ontario 2026, actual tax is $8,817 (15.0% effective).
How much is withheld on a $60,000 RRSP withdrawal?
CRA withholds $18,000 (30%) outside Quebec or $17,400 (29%) combined federal + provincial in Quebec. Tiers: 10%/20%/30% on ≤$5k / $5,001–$15k / $15k+ (doubled to 19%/24%/29% in Quebec).
Is a $60,000 RRSP withdrawal taxable income?
Yes — fully added to your taxable income for the year and taxed at your combined federal + provincial marginal rate. The 30% withholding is a deposit, not the final bill.
Does splitting a $60,000 withdrawal reduce tax?
Splitting $60,000 into several ≤$5,000 withdrawals drops each withholding to 10% (19% in Quebec) — but final tax at filing is identical regardless of splits. Only your cash flow before filing changes. Note: CRA can apply higher withholding if withdrawals are clearly coordinated to game the tiers.