although there may be separate bloodsucking um ... sorry, "service" fees loaded on top, the tax is NOT different between financial institutions; it is also the same no matter whether the transaction is done in-kind (deregistration) or in cash.
it's a set amount by CRA, and is the same everwhere in Canada except Quebec (where although the federal portion is less than the others, once the 16% additional provincial portion is added in, the total winds up being a few percent more than the rest of the country).
unless a withdrawl is for an exempt purpose (HBP or LLP), these are the rates:
- under $5,000 withhold @10% (5% PQ +16% provincial)
- between $5,000 and $15,000 withhold @20% (10% PQ +16%)
- more than $15,000 withhold @30% (15% PQ +16%)
for a TFSA limit of $5,500 (middle tier), if you find 20/26% excessive, you might consider structuring the withdrawl to fit into tier 1 (as two separate transactions), depending on your situation.
however, consider further, that because the RRSP withdrawl is considered taxable income, depending on how the RRSP income impacts your total for the year, no matter what you do you might end up paying more tax than the set amounts, when you file your annual return.
but the deductions at the time of withdrawl are fixed, exact amounts.
hth,
R.
