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For information related to the 50 unlocking withdrawal or transfer. New LIF information, including the 50 unlocking withdrawal or transfer, can be found in this FSCO publication. Any withdrawals in excess of this amount are subject to a withholding tax.
Even though withholding tax is deducted from withdrawals that exceed the minimum amount, you may still owe more tax later when you file your tax return.
It depends on your total income and tax situation.