How will my income tax be affected if I close down my RRSPs ($23,000.00 )and move them to my TFSA in 2019?

[soozwaugh]

I have the room in my TFSA to add the contents of my RRSP. I know full well there will be tax ramifications to closing down my RRSP. What will those ramifications be if my annual income for 2019 is increased from $53,000.00 to $76,000.00?

[TurboTax-Terry · Accepted solution]

You will pay tax on the full value of your RRSP withdrawal at the highest tax bracket that your income falls into. Income between $53K and $73K is taxed federally at 20.5% and of course a provincial tax depending on the province in which you reside.