  We derive the one-loop effective action induced by a heavy top in models with
an extended Higgs sector. We use the effective action to analyze the top
corrections to the $\rho$ parameter and to the Higgs-gauge boson couplings. We
show that in models with $\rho\not=1$ at tree-level, one does not lose
generally the bound on $m_t$ from the $\rho$ parameter.
