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January 29, 2025
Question

What is RESP Income? I was transferred 8K by my parents after withdrawing from RESP which they had opened for me. Is this RESP income to be declared?

  • January 29, 2025
  • 1 reply
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    1 reply

    January 29, 2025

    Withdrawals from a RESP are different than those from other registered plans. With an RESP, some withdrawals are taxable, while others are not. On CRA website, you should consult this link Pay for education using the Registered Education Savings Plan. You'll find all the information about RESP.

     

    For more information about RESP, you can contact CRA.

     

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