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S
skylar-a
March 17, 2023
Question

Do I have to file the money I received from my parents for school as “other income”

  • March 17, 2023
  • 1 reply
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The money was register to me and was documented as “for me”. This was RESP money they had saved up.

    1 reply

    B
    Bluesky33
    March 21, 2023

    A T4A will be issued showing the amounts that are taxable and must be included in your return. Depending on which box the amount is on the T4A, you will put that amount in your tax return by going to the left menu and clicking on Income then on T-Slips and then on T4A Pension, Retirement, Annuity where the screen will open and you can enter the RESP amounts in the boxes indicated on the information slip. Remember to click Done to save your entries.

    For more information, please visit the Canada Revenue Agency (CRA) website - Line 41800 Special Taxes 

     

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