- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I receive a T4A for RESP amounts. How do I know how much of the amount in box 42 is taxable? How do I deduct the amount that is not taxable?
I receive a letter from the bank and a T4A for total amounts received for the year from RESP. There are amounts in an RESP that are not taxable to a beneficiary, I can't tell how to differentiate these amounts. Are all EAP amounts Taxable? If they break out CES Grant amounts or P-Grant amounts, do I deduct them from the total T4A amount? I cannot find a clear answer to this anywhere.
Topics:
October 30, 2019
5:05 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Getting started
The full amount reported in box 42 of the T4A is included in income.
http://www.cra-arc.gc.ca/E/pub/tg/rc4092/rc4092-e.html#P221_13631
October 30, 2019
5:05 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Getting started
Here's a good explanation of the T4A: http://canadianaccountanttips.blogspot.ca/2011/04/t4a-for-registered-education-savings.html
October 30, 2019
5:05 AM