How to account for RESP used to fund US schooling

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complete
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Joined: Wed Mar 04, 2015 12:02 pm

How to account for RESP used to fund US schooling

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Hi,
My child will be using their Canadian RESP to fund their US University this year. We are originally from Canada but now live in the US.
A few questions:
1. When we use funds from the RESP will they be taxed in Canada?

2. Do we need to file income taxes in Canada after we use some RESP funds (we no longer live in Canada, and don't file Canadian taxes, but we are Canadian+ US citizens)?

3. Do I need to file a 3520 or a 3520A once my son uses these funds for US schooling? Is this considered a foreign trust disbursement/gift? Were 3520/3520A filing needs impacted, once funds are used for school, with the latest 3520+3520A exception ruling for RESPs?

4. How do we file this for US taxes? Do we need to do anything special or are these funds filed like a 529 plan fund usage?

5. Are these noted on the 1040? If not where?

Regards,
Matt
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