RESP withdrawl reporting

tony9409 · Post by **tony9409** » Sun Apr 06, 2008 1:13 pm

Hi, I'm a newbie here and glad to have found this forum.:D

I'm a green card holder with my daughter just into university here in the US. She has an RESP account that we withdrew some of the funds from to cover expenses related to her fall'07 semester. I've been reporting the RESP gains on my tax return and completing a 3520/3520a yearly. How does or does the funds withdrawn get reported if just removing some of our contribution to the account and is there a Canadian return needing to be filed for it. RBC Asset Mgmt did not send us a tax slip for the fall semester, but for the winter semester in '08 issued a note indicating we'd get one at the end of the tax year. I understand we need to pay back here grant monies as well as pay tax on gains overall... Help :?

nelsona · Post by **nelsona** » Sun Apr 06, 2008 7:24 pm

The account holds no special statius in US, so only cap gaind triggered byt the sale of assets to take out would be reprtable in US, along with any other income it generated.

Too busy to look into the Cdn taxation of it. I'm sure you can find info