Pension Payments (Retirement Benefits)

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Source deductions of income tax

You must withhold income tax on a periodic payment from a registered pension plan (RPP), a deferred profit-sharing plan (DPSP) or another pension plan using the usual method.

You must withhold income tax from a single payment from an RPP, a DPSP or another pension plan at the rate applicable to single payments, that is:

  • 15% if the payment is $5,000 or less; or
  • 20% if the payment is greater than $5,000.

However, you are not required to withhold income tax on a single payment from an RPP, a DPSP or another pension plan that is made to a person who resides outside Québec.

Transfer of payments

You do not have to withhold income tax on a single payment from an RPP or a DPSP that, without being paid to the beneficiary, is transferred directly to:

  • another RPP;
  • another DPSP;
  • a registered retirement savings plan (RRSP);
  • a voluntary retirement savings plan (VRSP);
  • a pooled registered pension plan (PRPP);
  • a registered retirement income fund (RRIF).

If only a portion of the payment is transferred directly to another plan, you must withhold income tax from the portion that is not directly transferred.

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