How do I claim amounts from my RESP on my return?
A RESP, or Registered Education Savings Plan, is a way to save for a future student’s educational needs. Anyone can set up a RESP to support a future student, through their bank or credit union with minimal fees.
The government of Canada will also contribute to the RESP.
The Canada Education Savings Grant (CESG) will add 20% to any contribution, up to a lifetime cap of $7,200.
Low-income families can get more help with the Canada Learning Bond (CLB), which pays up to $2,000 for each child.
When you, the student, attends post-secondary school, the RESP promoter will pay you money from the plan in the form of Educational Assistance Payments (EAPs). These payments are taxable to you, and are reported on a T4A slip.
To enter these amounts on your return, choose your version of TurboTax and follow the instructions.
TurboTax Online
Select Find from the menu, then enter T4A.
Select T4A Pension, Retirement, Annuity from the list of results, then select Go.
Select Enter new T4A on the T4A - Summary step.
Fill out the form on the next page, entering the information from your slip into box 040 or 042, then select Done with T4A.
TurboTax Download
Select Find from the menu, then enter T4A.
Select T4A Pension, retirement, annuity from the list of results, then select Go.
On the Entering your federal T-slips step, select T4A - Pension, Retirement, Annuity, and Other Income (including scholarships and bursaries), then select Continue.
Fill out the form on the next page, entering the information from your slip into box 040 or 042, then select Done with T4A.
