Serbinski Accounting Firms

They already told me that our contributions are NOT taxable and are no different than a savings account. The CGG portion will be taken out by the Bank and returned to the Canadian Governement. ONLY the growth will be Taxable, I just realized that the main thing is that it is being withdrawn on our n...

Ron,
I think your summary was quite clear and thanks a lot for it. I will ask the bank if they can do that... that will make it very clear to everyone.... thanks a lot for that.

Ron My children will be studying in the US. So, the money has to be withdrawn under my wife and I name, transfered to the US using our accounts, which is part of the issue. If the children were in Canada, none of this would be an issue. It was the Bank of Nova Scotia who is holding the RESPs the one...

I realized that I wrongly call the Earned Growth "EAP"...

Not really, The RESP have 3 main portions for Tax purposes. 1.- Your contributions which were after tax - There is nothing to report here, this is like your savings. No NR4 issued. 2.- Canadian Government Grant - The bank holding the RESP will calculate this portion and will take it. Nothing to repo...

I have an RESP in Canada for my children education. This is the first year that I take some funds out. Scotiabank told me that the amount is part of the Corpus, that is the contribution after tax that we put it, so, there is NO tax or NR4 to be issued. However, once I start withdrawing from the EAP ...

I have filed these 3520/3520-A for 3 years now, the first 2 years PWC did them (under my employer contract). Last year I managed to file them kind of reverse engineering the last 2 years. But this year, the RERSP value has decreased and I have no idea where I can report this in the form. Please help!!