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Our response:

Each year there is a minimum amount you must withdraw from your Registered Retirement Income Fund (RRIF) based on your age. Any withdrawals in excess of this amount are subject to a withholding tax. Even though withholding tax is deducted from withdrawals that exceed the minimum amount, you may still owe more tax later when you file your tax return. It depends on your total income and tax situation.

A registered financial advisor or tax professional can help you determine the amount of tax you may owe by looking at the full picture of your retirement income and other personal financial information.

Learn more about making withdrawals from your RRIF.