Investing

Withdrawing from RRSP

  • Last Updated:
  • Jan 23rd, 2023 3:52 pm
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[OP]
Newbie
Jul 17, 2022
10 posts
8 upvotes

Withdrawing from RRSP

I have a Questrade RRSP account (invested in stocks) that has $0.10 in cash leftover. It's just sitting there. If I withdraw it into my bank account, would this be counted as a RRSP withdrawal, accruing tax penalties (and I'm well under retirement age)?
4 replies
Newbie
User avatar
Dec 14, 2022
21 posts
14 upvotes
I think I remember something on income tax returns that if you owe less that $1 or your refund is less that $1, the government doesn't bother with it. I think if there is any tax owing or penalty in this situation, it would be like 1 or 2 cents?
Sr. Member
May 2, 2019
780 posts
1037 upvotes
Vancouver
eogan116 wrote: I have a Questrade RRSP account (invested in stocks) that has $0.10 in cash leftover. It's just sitting there. If I withdraw it into my bank account, would this be counted as a RRSP withdrawal, accruing tax penalties (and I'm well under retirement age)?
Your problem is not so much the tiny tax amount (which would apply), but $50 deregistration fee that Questrade charges for a full or partial RRSP withdrawal. That's quite a common fee for other brokers, too.
You definitely wouldn't get any money at the end, and possibly (unlikely) owe them - depending on what the legal agreements say.

If you already have a RRIF account with Questrade, you could try transferring the money there. If not, no point opening a new RRIF for this (it requires $1000 funding from an RRSP anyway). Just forget this account. Or maybe ask Questrade if you can forfeit the balance and close the account.
Deal Addict
Jun 25, 2010
1527 posts
1065 upvotes
Just leave the .10 cents with questrade. Withholding tax is 10% . I don’t know how much questrade will charge the withdrawal fee.
“There are the people who don’t know, and the people who don’t know that they don’t know”- Treva84
Member
User avatar
Sep 18, 2016
484 posts
461 upvotes
I think the OP's RRSP is fully invested into stocks and he has 0.10cents left in his account uninvested.

If thats the case just leave it there.
"Do not allow yourself to become resentful, deceitful or arrogant"
Jordan B. Peterson

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