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sarahesauerborn

Question

If I withdraw funds from a retirement fund there is an initial tax of 30%. Should I expect another tax when filing?

Forum|Forum|3 years ago
August 10, 2022
1 reply
0 views

This is a retirement fund that I no longer contribute to and would like to withdraw to invest on my own. I would like to set aside the money if I expect to be taxed again.

Withdrawing from an RRSP Before Maturity

You pay income tax: Your withdrawals must be reported on your tax return as income. If your current income is higher than your retirement income, you'll pay more taxes now.