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Are RIF payments subject to withholding tax?

TD Direct Investing is generally not required to withhold tax on the mandatory minimum withdrawal amount.

TD Direct Investing is required to withhold tax on any amount in excess of the minimum payment. 

Cash Withholding Rates:

Gross Amount

1) $0-$5,000

2) $5,000.01-$15,000

3) $15,000.01 and greater

All Provinces Except Quebec (total federal and provincial)

1) 10%

2) 20%

3) 30%

Provincial Rate for Quebec

1) 16%

2) 16%

3) 16%

Federal Rate for Quebec

1) 5%

2) 10%

3) 15%

You can choose a withholding tax rate higher than the standard tax rate.

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