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I have been working with Rolly and Matt from Seguin Financial Group for many years and I trust ...

Matt Bodde

7150 Hawthorne Dr. Unit 104
Windsor, ON, N8T 3N3

Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192

RRSP Withholding Taxes

Financial institutions are required to withhold taxes on all cash withdrawals from an RRSP. If you withdraw $15,000, you will actually receive $12,000 because $3,000 ($15,000 x 20%) in taxes will be withheld. Since you must report this withdrawal as income when you file your income tax return, you will owe an additional $3,510 in taxes based on a 43.40% marginal tax rate.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.