Mike, age 65, is in a 40% MTR and has $50,000 in his RRSP. In 2016, Mike makes a withdrawal of $20,000 from his RRSP. A 30% withholding tax applies. What, if any, are the additional taxes to be paid as a result of Mike's RRSP withdrawal when he files his 2016 tax return?

Answer rating: 100% (QA)

To calculate the additional taxes to be paid as a result of Mikes RRSP withdrawal we need to con... View the full answer