Which of the following is true regarding RRSP withdrawals?
A)The tax withheld on your RRSP withdrawal will likely not match the amount of tax you will actually owe on the withdrawal.
B)The tax withheld on your RRSP withdrawal is all the tax that will be owed on the withdrawal.
C)The tax withheld on your RRSP withdrawal is always more than the amount of tax you will actually owe on the withdrawal.
D)There is no tax owing on RRSP withdrawals.

Question

Quizplus · Accepted Answer

The tax withheld on an RRSP withdrawal is typically only a portion of the total tax owed. The actual amount of tax owed will depend on a variety of factors such as the amount withdrawn, your other income for the year, and your tax bracket. It is important to understand that you may need to pay more tax when you file your tax return.

Which of the Following Is True Regarding RRSP Withdrawals