INCOME TAX $ 16000 nope it was just not enough taken off.for the goverment end

[mike31154]

Originally Posted by cwatkins

I make similar and ALL my taxes only add up to that.

But it sounds like the big hit is paying all the tax on the withdrawn RRSP's you took out. I'd pay that back instead and your taxes should drop like a rock.

Unless you absolutely need the RRSP money, I'd avoid touching it, unless it is through the Home Buyers Program which allows a tax free withdrawl of RRSP's for first time home buyers.

I think interest on a line of credit would be cheaper than the tax bill...

P.S. Maybe call the CRA and see what your options are? Make sure to talk to someone who actually knows something, not a temp. They have a lot of temps this time of year.

You may have misread, I don't think he withdrew money from an RSP. He/they took out a loan to buy RSPs in order to bring taxes down.