Quebec non-resident RRSP witholding rate

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bc075259
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Joined: Wed Feb 13, 2019 12:36 am

Quebec non-resident RRSP witholding rate

Post by bc075259 » Wed Feb 13, 2019 12:54 am

Is the 25% tax withholding rate on non-resident RRSP withdrawals the same for a RRSP that originates in Quebec? I somehow thought the Quebec rate was higher but I can't find anything on this now. Likewise, is the RRIF 15% withholding rate applicable to Quebec as well?

Thanks!

nelsona
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Re: Quebec non-resident RRSP witholding rate

Post by nelsona » Fri Feb 22, 2019 12:43 pm

RRSPs are only subject to the 25% NR tax, regardless of what province they are held, or where you last lived in Canada. the yare not subject to any provincial withholding or tax.
Eligible RRIF withdrawals (ie. only those classified as periodic), will get the 15% rate for the same reason.

You are thinking of the *residential* withholding rate(s) which are required for both CRA and MRQ.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

bc075259
Posts: 2
Joined: Wed Feb 13, 2019 12:36 am

Re: Quebec non-resident RRSP witholding rate

Post by bc075259 » Fri Mar 01, 2019 1:45 pm

Thanks Nelson, I recall making a non-resident RRSP withdrawl about 12 or so years ago, and they withheld around 30%, indicating the with-holding rates for Quebec originated RRSPs was higher. I also have an older book by B. Wruk (not sure if you know the one) that indicates non-resident Quebec RRSP with-holding rates ranging from 21% to 35%. Has this changed since or do you they may have just been mistaken?

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Quebec non-resident RRSP witholding rate

Post by nelsona » Sun Mar 03, 2019 10:30 am

Those figures are not, and have never been accurate. RESIDENT RRSP withholding is higher in QC, not non-resident withholding.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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