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?

[Smpk]

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.

[TurboTaxJeffrey · Accepted solution]

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

[sgauthier1]

Here's a good explanation of the T4A:  http://canadianaccountanttips.blogspot.ca/2011/04/t4a-for-registered-education-savings.html