All withdrawals you make from a RRIF are taxable and are added to your annual income. If you withdraw more than the minimum amount,
the financial institution is required to charge a withholding tax on the excess amount. When you file your taxes, you�ll need to compare the taxes owing to the total of the amounts
withheld at source to determine the amount of tax you owe or the amount of your tax refund. For more details, you can read this
article.