Hey guys, I live and work in Canada. CRA = Canada revenue agency, IRS equivalent RRSP = retirement savings, 401k equivalent I bought and sold peanut $$$ of cryptos last year, ended up with capital gains, and my tax software shows I owe CRA 2k. Tax software says I need to put 4k into RRSP and that'll reduce my taxable income and wipe my 2k tax debt. The thing is, you'll get taxed hard if you try to withdrawal $ from RRSP before retirement. Say you withdrawal 4k, gov takes 400, and then the leftover 3600 becomes taxable income, which means I'll probably end up with just 1800 when I try to withdrawal 4000. I'm saving $ to upgrade to a townhouse in a good school district next year and really need all the money I can use as down payment. Just wondering what are you thoughts on this? Tc 180
Move out of Canada
Check your cost basis and that any proceeds from other sales rolled into your later sales properly.