Withdrawal fees

1. Withdrawal Fee Schedule

Below are the fees and processing times for withdrawing funds from each account type.

Individual Margin Account or Individual Cash Account

Tax-Free Savings Account (TFSA)

Registered Retirement Savings Plan (RRSP) or Spousal Registered Retirement Savings Plan (SRRSP)

*Note:

• Withdrawals from an RRSP or a SRRSP are subject to a withholding tax of 10% to 30%. For more information, see Withholding tax on withdrawals from an RRSP account.

• Fees are charged according to the currency account. If you transfer out both Canadian dollar and US dollar assets simultaneously, fees will be charged separately (e.g., 75 CAD and 75 USD).

• Charges may apply to sales tax (tax rates vary depending on the province of residence).

• All withdrawal amounts you enter are pre-tax amounts before any deductions, and fees will be deducted from the withdrawn funds.

2. Withdrawal Fees and Tax Calculation Examples

General Disclaimer

All examples are for illustrative purposes only and do not constitute tax advice. Actual fees, taxes, and net proceeds may vary based on the client’s province of residence, payment method, account type, and changes in government regulations. Final settlement amounts shall prevail.

Example 1: Withdrawal from Margin Account

Prerequisites

• Payment Method: Canadian domestic bank wire transfer

• Account Type: Individual margin account

• withdrawal Amount: 100 CAD

• Beneficiary Account: Canadian domestic bank account

Fee Details

• Withdrawal Fee: 50 CAD; the beneficiary bank may charge additional fees

Example 2: Withdrawal from TFSA

Prerequisites

• Payment Method: EFT transfer

• Account Type: Tax-Free Savings Account (TFSA)

• withdrawal Amount: 1,000 USD

• Beneficiary Account: Canadian domestic bank account

Fee Details

No withdrawal fees are applied for this transaction.

Example 3: Partial RRSP Withdrawal (Outside Quebec)

Prerequisites

• Client Status: Canadian Ontario tax resident

• Payment Method: EFT transfer

• Account Type: Registered Retirement Savings Plan (RRSP)

• withdrawal Amount: 1,000 CAD (partial withdrawal) in Ontario

• Supplementary Note: No additional income, deductions, or tax credits are considered except the standard basic amount. This example is for illustration only; final tax liability is determined on the annual tax return.

Fee and Tax Details

• Partial RRSP deregistration fee: 50 CAD 

• Sales tax: 13% HST for Ontario residents

• Sales tax calculation: Deregistration Fee × Sales Tax Rate = 50 × 13% = 6.50 CAD 

• Withholding tax: 10% federal rate for withdrawals ≤ 5,000 CAD 

• Withholding tax calculation: (1,000 - 50 - 6.5) × 10% = 94.35 CAD

• Estimated net withdrawal amount: 1,000 - 50 - 6.5 - 94.35 = 849.15 CAD

• Supplementary Note: Sales tax rate varies by province of residence.

Example 4: Full RRSP Withdrawal (Outside Quebec）

Prerequisites

• Client Status: Canadian Manitoba tax resident

• Payment Method: EFT transfer

• Account Type: Registered Retirement Savings Plan (RRSP)

• withdrawal Amount: 20,000 CAD (full withdrawal)

• Supplementary Note: No additional income, deductions, or tax credits are considered except the standard basic amount. This example is for illustration only; final tax liability is determined on the annual tax return.

Fee and Tax Details

• Full Account Deregistration Fee: 75 CAD

• Sales Tax: For Manitoba, the sales tax is 5% GST + 7% RST, totaling 12%.

• Sales Tax Calculation: Fee × Tax Rate = 75 × 12% = 9 CAD

• Withholding Tax: A 30% federal withholding tax applies to withdrawal amounts over 15,000 CAD.

• Withholding Tax Calculation: (Withdrawal Amount − Full Account Deregistration Fee − Sales Tax) × Withholding Tax Rate = (20,000 − 75 − 9) × 30% = 5,974.8 CAD

• Estimated Net Proceeds: Withdrawal Amount − Full Account Deregistration Fee − Sales Tax − Withholding Tax = 20,000 − 75 − 9 − 5,974.8 = 13,941.2 CAD

Example 5: Partial RRSP Withdrawal (Quebec)

Prerequisites

• Client Status: Canadian Quebec tax resident

• Payment Method: EFT transfer

• Account Type: Registered Retirement Savings Plan (RRSP)

• withdrawal Amount: 10,000 CAD (partial withdrawal)

• Supplementary Note: No additional income, deductions, or tax credits are considered except the standard basic amount. This example is for illustration only; final tax liability is determined on the annual tax return.

Fee and Tax Details

• Partial account closure fee: 50 CAD

• Sales tax: Quebec applies GST 5% + QST 9.975%, for a total standard sales tax rate of 14.975%

• Sales tax calculation: Fee × tax rate = 50 × 14.975% = 7.49 CAD

• Withholding tax (Quebec standard): For withdrawals between 5,000 and 15,000 CAD, a 10% federal withholding tax + 14% Quebec provincial withholding tax applies

• Withholding tax calculation:

• Federal withholding tax: (10,000 − 50 − 7.49) × 10% = 994.25 CAD

• Provincial withholding tax: (10,000 − 50 − 7.49) × 14% = 1,391.95 CAD

• Estimated net proceeds received: Withdrawal amount − Partial closure fee − Sales tax − Withholding tax= 10,000 − 50 − 7.49 − 994.25 − 1,391.95 = 7,556.31 CAD