FATCA - RESP

TN Holder · Post by **TN Holder** » Fri Jan 17, 2014 1:27 pm

HI,

I am a canadian citizen and reside in canada, we used to live in US from 2004 till 2013. My daughter was born in US and has dual citizenship.
I am planning to open a RESP for my daughter in Canada and not sure if this would be taxable for her when she is going to use it (in 13 years from now).

Do you know if RESP is taxable according to FATCA rules?

Thanks

nelsona · Post by **nelsona** » Fri Jan 17, 2014 2:15 pm

You aren't subject to FATCA, since you are not a US citizen.

The money will be taxable in her hands, but she should have sufficint examptions etc to not owe any tax in US or Canada.

She is not subjest right now to anything in US since the RESP is not considered hers until she gets some money from it.

Ottawa123 · Post by **Ottawa123** » Wed Apr 02, 2014 11:53 pm

sorry does fatca not apply to US residents? Even people who are on visas?
Thanks