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
