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New Member
posted Oct 29, 2019 6:03:16 PM

I made a withdrawal from an RESP that was 100% after tax contributions and was charged 1/6 of the withdrawal as a transaction charge. Is that amount a tax deduction?

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1 Best answer
New Member
Oct 29, 2019 6:03:20 PM

No.  Contributions, transaction fees and any other fees charged in respect of as an RESP are not deductible.

3 Replies
New Member
Oct 29, 2019 6:03:17 PM

Ok, so I had an RESP $137.90 and withdrew it all, have t4a slip, what do I do with it?

New Member
Oct 29, 2019 6:03:19 PM

You obviously withdrew the taxable interest portion so that would be why you got a T4A.  It must be pretty small on $137.90 but you'd have to report it on your tax return.

New Member
Oct 29, 2019 6:03:20 PM

No.  Contributions, transaction fees and any other fees charged in respect of as an RESP are not deductible.