RESP withdrawals - Box 040 T4A slip

If you made a withdrawal from your Registered Education Savings Plan (RESP) that is NOT:

1- An educational assistance payment.

2- A payment to an accredited educational institution in Canada.

3- A transfer to another RESP.

4- A refund of contributions to the subscriber or to the beneficiary.

5- Repayments under a Canada education saving program or any provincial program.

Then, you must declare all withdrawals from a RESP by entering in the student's file the amount from Box 040 of the T4A slip issued to them. To do so, please follow these steps:

1- On the "Left side menu on the Interview tab", select "Interview setup".

2- On the right-hand side of the screen, go to the "Pension" group, check the box "Pension income, other income and split pension income (T4A, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)" and click "Next" at the bottom of the page.

3- Return to the "Left side menu on the Interview tab" and select "T4A and Pension income " and on the screen to the right, choose "T4A - Pension, retirement, annuity and other income" and click the plus sign "+".

4- On the page that is generated, scroll down to box 040 and enter the amount in the field next to "RESP accumulated income payments (include portion contributed to RRSP below)".

The payment will be reported by the program on line 13000 of the federal return, and for Quebec residents, it will be reported on line 154 of the Quebec return. The code 03 will be displayed on line 153. In addition, the program will generate federal Form T1172 and will report additional tax on line 41800 of step 5 of the Federal tax return.

For Quebec residents, the program will generate the form TP-1129.64 and the additional tax will be entered on line 443 of the Quebec return.

For more information on withdrawals from a RESP, please consult the following links:

For the CRA:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-418-special-taxes.html

For Revenu Québec:

https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/tp-1129.64-v/

https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/400-to-447-income-tax-and-contributions/line-443/

ID: 20191202143129NA.xml

Webpage: KPA310-20191202143129NA.htm

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