Sentences with phrase «resp accumulated income»

quick question regarding transferring the RESP accumulated income into your RRSP if your child doesn't go to school or drops out... will you still be taxed at your MTR plus an additional 20 % if you transfer it into an RRSP?

Not exact matches

Here are the conditions necessary to be able to contribute the accumulated income amount from the RESP to an RRSP:

EAP withdrawals are when you withdraw the accumulated income from the RESP.

The remaining income portion of the RESP — called an Accumulated Income Payment (AIP)-- is taxable tincome portion of the RESP — called an Accumulated Income Payment (AIP)-- is taxable tIncome Payment (AIP)-- is taxable to you.

In your RESP account, there are two different types of money: contributions and accumulated income.

You don't want to end up with accumulated income in the RESP account if the child is no longer going to school.

What I'd like to do is transfer the accumulated income into my RRSP and leave the grant in the RESP in case she does goes back to school in the future.

I wanted to withdraw the balance of my daughter's RESP (she is not going back to school)-- the balance is part accumulated income and part grant.

However, Homer didn't understand RESP rules very well and didn't specify if the withdrawals were to come from contributions, accumulated income or both.

When accumulated income is withdrawn from an RESP account as an EAP — there are no penalties and the money is considered taxable income for the student.

If money is taken out of an RESP, and the Accumulated Income Payment option is not available, what happens to the interest that was earned on that RESP?

If the student who is the beneficiary of the plan decides not to attend a post-secondary school, the investment income earned in the RESP is paid to one subscriber (typically a student's parent) in the form of Accumulated Income Payments (income earned in the RESP is paid to one subscriber (typically a student's parent) in the form of Accumulated Income Payments (Income Payments (AIPs).

The excess accumulated income in an RESP is taxable upon withdrawal, plus a punitive 20 % penalty tax.