RRSP Withholding Taxes

Financial institutions are required to withhold taxes on all cash withdrawals from an RRSP.  If you withdraw $15,000,
you will actually receive $12,000 because $3,000 ($15,000 x 20%) in taxes will be withheld.  Since you must report
this withdrawal as income when you file your income tax return, you will owe an additional $3,510 in taxes based on a
43.40% marginal tax rate.