Report joint RESP on 3520,3520A

boq · Post by **boq** » Sat Jan 26, 2013 6:03 pm

I'm a USC working in Canada (PR) and wife is Canadian (no US status). We have a joint RESP with a Group Family Plan created by a Foundation.

- Is it correct I report 50% of the monthly contribution, government grant, and income?
- Does my wife's name go to Name of other foreign trust owners (3520 Part II 20a). If so what is the Relevant code section for 20e?
- I was told by the Foundation that no Statement/Balance Sheet is available for the entire Group Plan. So for 3520A Part II Foreign Trust Income Statement & III Foreign Trust Balance Sheet, shall I just write N/A? Any suggestions?

Thanks a lot for your help!

nelsona · Post by **nelsona** » Sat Jan 26, 2013 6:32 pm

You should get your mame off this RESP as soon as possible. There is no advantage to a "joint" RESP, whatever the salesman claimed.

boq · Post by **boq** » Sat Jan 26, 2013 10:39 pm

Thanks nelsona. I thought about that too. There is a possibility that we might move to the states at some point. So I guess I'll just keep the RESP status like this for now until that's clear, since closing out the account now doesn't seem to be a good option.

I also posted another topic around EIN for use on 3520/A. I'm hoping to get some guidance from you on both topics. Thanks again.

nelsona · Post by **nelsona** » Sat Jan 26, 2013 10:41 pm

I didn't say close the account. I said make it in your spouse's name only since hse is not a US taxpayer.

Long-term you would want anopther family member holding the account. Wy should you pay tax just because someone foolishly convinced you to put your name on an account.

nakubo.1974 · Post by **nakubo.1974** » Sun Mar 09, 2014 6:20 pm

Hi boq, did you ever figure out what the answer is to your question - "If so what is the Relevant code section for 20e?"

I am wondering if I should write 671 0r 675 as the "Relevant Code Section" in Form 3520, Par II, line 20e. My wife is a joint owner of an RESP account.

DonMurphyCanada · Post by **DonMurphyCanada** » Wed Mar 12, 2014 11:59 pm

What forms need to be filed if I ask my financial institution to have my wife taken off of our RESP? She is a USC living in Canada (PR) . Really this was a bone headed move on our part. There is no advantage to having her listed on the account.

Don