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B
bcselin
January 6, 2024
Question

Withdrawl from a Candian Register Educational Savings Plan

  • January 6, 2024
  • 2 replies
  • 0 views

I am a dual US/Canadian citizen.  I have a Canadian RESP (Register Educational Savings Plan) that was setup when I lived in Canada for my daughters University.   She started University in Texas in 2023.  Do I need to claim the withdrawal from the RESP on my US taxes? The RESP is treated like a Trust in the USA and I have been filing yearly form 3520&3520A for the account .  Any guidance is appreciated.

 

Thank you

 

Brent

    2 replies

    A
    Anonymous_
    Employee
    January 7, 2024

    Note sure whether @pk12_2 can help here.

    DaveF1006
    DaveF1006
    January 9, 2024

    Yes, you will need to report any earnings earned from the RESP. If the distribution included earnings from interest or dividends, this needs to reported on your US tax return. 

    @bcselin 

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    B
    bcselinAuthor
    January 10, 2024

    Would I only need to declare the interest, etc. and not the principle amount of the withdrawl?

     

    Thanks

    DaveF1006
    DaveF1006
    January 12, 2024

    No. You will only need to report interest or dividend earnings from the plan.

     

    @bcselin 

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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