Tax on a $70,000 RRSP Withdrawal (2026)
Withdraw $70,000 from your RRSP in 2026 and CRA withholds $21,000 immediately (30%) — or $20,300 (29%) if you're in Quebec. Your final tax bill depends on your marginal rate (other income + province).
Withheld at source (outside Quebec)
$21,000
30% of $70,000 — you receive $49,000 cash
Withheld at source (Quebec)
$20,300
29% combined fed + QC — you receive $49,700 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 | $21,000 | $11,782 | 17.0% | $9,217.75 | $58,218 |
| British Columbia | $21,000 | $11,835 | 17.0% | $9,164.99 | $58,165 |
| Alberta | $21,000 | $12,197 | 17.0% | $8,802.79 | $57,803 |
| Quebec | $20,300 | $14,812 | 21.0% | $5,487.85 | $55,188 |
| Manitoba | $21,000 | $14,547 | 21.0% | $6,453.01 | $55,453 |
| Saskatchewan | $21,000 | $13,762 | 20.0% | $7,237.91 | $56,238 |
| Nova Scotia | $21,000 | $15,887 | 23.0% | $5,112.63 | $54,113 |
| New Brunswick | $21,000 | $14,351 | 21.0% | $6,649.00 | $55,649 |
| Newfoundland and Labrador | $21,000 | $14,828 | 21.0% | $6,171.95 | $55,172 |
| Prince Edward Island | $21,000 | $15,031 | 21.0% | $5,969.38 | $54,969 |
| Northwest Territories | $21,000 | $11,758 | 17.0% | $9,242.03 | $58,242 |
| Yukon | $21,000 | $11,968 | 17.0% | $9,031.80 | $58,032 |
| Nunavut | $21,000 | $10,682 | 15.0% | $10,317.66 | $59,318 |
With Other Income (Ontario 2026)
What a $70,000 withdrawal actually costs when stacked on top of your existing income. Effective rate rises as your marginal rate climbs.
Other income: $0
$11,782
17.0% effective
Withheld $21,000 → refund $9,218
Other income: $30,000
$17,921
26.0% effective
Withheld $21,000 → refund $3,079
Other income: $60,000
$21,914
31.0% effective
Withheld $21,000 → owe $914
Other income: $100,000
$25,118
36.0% effective
Withheld $21,000 → owe $4,118
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 $70,000 RRSP withdrawal?
CRA withholds $21,000 at source outside Quebec (30%), or $20,300 (29%) in Quebec. At filing you settle up at your marginal rate. With no other income in Ontario 2026, actual tax is $11,782 (17.0% effective).
How much is withheld on a $70,000 RRSP withdrawal?
CRA withholds $21,000 (30%) outside Quebec or $20,300 (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 $70,000 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 $70,000 withdrawal reduce tax?
Splitting $70,000 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.