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When taking money out of a RRIF, do you pay both federal and provincial taxes?



Our response:

Withdrawals from a RRIF are fully taxable as income in the year withdrawn. When you withdraw more than the minimum withdrawal amount from your RRIF, you will also pay a withholding tax (which will be withheld by the financial institution and submitted to the government(s) on your behalf).

These previous questions may provide insight as you move forward:

The resources on will help you build financial and investing knowledge as you move forward. You may also find the Canada Revenue Agency’s (CRA) RRIF webpage helpful. Speak with a registered representative for investment advice that fits your personal and financial situation.

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