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What are the withholding taxes and fees on TD Direct Investing Retirement Savings Plan (RSP) withdrawals?

Withholding Tax:

TD Direct Investing is required to withhold tax on the amount you withdraw from your Retirement Savings Plan (RSP). 

You can request a Gross or Net amount withdrawal:

• Gross amount withdrawal = total amount from the RSP before taxes and fees are deducted
• Net amount withdrawal = amount you receive after taxes and fees are deducted. Therefore, to complete a net amount withdrawal, you must have sufficient cash available in your RSP for the withholding taxes and fees.

Cash Withholding Tax Rates (based on gross amount of withdrawal):

All Provinces Except Quebec:

1. $0 - $5,000:  10% withholding tax
2. $5,000.01 - $15,000:  20% withholding tax
3. $15,000.01 and greater:  30% withholding tax

Quebec:

1. $0 - $5,000:  19% withholding tax (5% federal, 14% provincial)
2. $5,000.01 - $15,000:  24% withholding tax (10% federal, 14% provincial)
3. $15,000.01 and greater:  29% withholding tax (15% federal, 14% provincial)

Withdrawal Fee:

TD Direct Investing will charge a withdrawal fee of $25 + tax for partial withdrawal; and $100 + tax for full withdrawal. If you choose a full withdrawal from your RSP, the RSP account will be closed once withdrawal is completed.

Note: Home Buyer's Plan (HBP) and Lifelong Learning Plan (LLP) withdrawals are not subject to withholding taxes or withdrawal fees, please visit our plan pages for more details on how to withdraw for HBP / LLP from your TD Direct Investing RSP.