RESPs with U.S Citizen Subsciber--any hope?

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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

... and when it comes tiome to sel your home, you may have to file jointly in that year of sale to get cap gains tax free. thta would definitely subject your to FBAR and 3520 and 8891.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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MIKE2000Z28
Posts: 66
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

I was wondering. I want to open a RESP in my childs name when i do have kids. I won't be a contributor but my child will probably be a US citizen. So basically does that mean he will just have to pay tax on the amount he takes out when he is older?
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

If you open the RESP, you will be the contributor. If you don't want to be the contributor, someone else will need to open the RESP.

He will pay tax when he takes it out, at a special trust rate.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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