T4A income need report tax?or part or even none?

[linlionline]

T4A income need report tax?or part or even none? my co-worker says we can only report part of T4A. thanks.

 

[linlionline]

actually, we pay some fee, parking fee, gas fee, par tickets etc, at the end of every month, we get pay and the reimbuse of the above cost. so the T4A is our salary and, thet we paid together.so, how much we can reduce?but, the T4A only has one (28) other income.

by the way, last year, my kid goto university, so , we withdraw our RESP total 5000, the bank also give us a T4A, in fact 4000 is our our money. only 1000 is extra income, so , do we need to report RESP 5000 aw income?

 

[linlionline]

last year we withdraw RESP, how to report for tax? thanks.

 

[ccc]

算孩子的收入，在孩子的名下申报。最后肯定也是不交一分税，还可以拿回点补贴。

 

[hming]

算孩子的收入，在孩子的名下申报。最后肯定也是不交一分税，还可以拿回点补贴。

买RESP的钱已经是税后的钱，怎么又要算是收入了？如果孩子打工挣了一些钱或做co－op，再加上$5000 RESP的钱，岂不是要用学费来抵RESP的税。这么算的话，政府给的20%基本上又被政府收回去了（考虑到每年的通货膨胀）。

 

[Investors]

买RESP的钱已经是税后的钱，怎么又要算是收入了？如果孩子打工挣了一些钱或做co－op，再加上$5000 RESP的钱，岂不是要用学费来抵RESP的税。这么算的话，政府给的20%基本上又被政府收回去了（考虑到每年的通货膨胀）。

算收入的只是投资收益，而且是算在孩子的收入上。楼主也说了，只有1千要算收入。孩子的收入少于1万的话，税也免了。

T4A是自雇收入或老年金收入。有自雇收入的话，生意上的支出可以抵税。

 

[ccc]

买RESP的钱已经是税后的钱，怎么又要算是收入了？如果孩子打工挣了一些钱或做co－op，再加上$5000 RESP的钱，岂不是要用学费来抵RESP的税。这么算的话，政府给的20%基本上又被政府收回去了（考虑到每年的通货膨胀）。

https://www4.bmo.com/investments/0,4629,35649_23991607,00.html#howmoneytax

Once the beneficiary enrolls in post-secondary education and starts making withdrawals, how is this money taxed?

Registered Education Savings Plans are made up of contributions and earnings.

• The portion made up of contributions is not taxed when withdrawn for post-secondary education needs. This type of withdrawal is known as a Post-Secondary Education (PSE) withdrawal
• The portion made up of earnings, consisting of accumulated income earned on the contributions, the CESG and the growth of the CESG, is taxed in the hands of the beneficiary. This type of withdrawal is known as an Educational Assistance Payment (EAP) withdrawal. However, since the income tax rate of most beneficiaries is generally low, little or no tax will likely need to be paid by the beneficiary

When completing an RESP withdrawal for post-secondary education purposes, the Subscriber can choose to withdraw from the plan’s contributions (PSE) or earnings (EAP). Generally, it is recommended to complete EAP withdrawals first in order to use the CESG while it is available. Once the earnings, including the CESG, have been withdrawn from the plan, payments will be made from the plan’s contributions.
An EAP may include any additional grant (CLB or ACES) and any earnings on these grants if they have been received in the RESP, subject to certain conditions and requirements.
A T4A will be sent to a beneficiary for the tax year in which an EAP was processed in their account.

 

[hming]

多谢，CCC。

 

[busymom]

RESP是分两部分的.一部分是你的本金,你已经交过税了,另一部分是政府补贴和产生的利息,算你孩子的收入.所以你受到的T4A上应该是你孩子的名字, 由孩子来申报.应该是T4A的box42.

 

[timmy]

RESP是分两部分的.一部分是你的本金,你已经交过税了,另一部分是政府补贴和产生的利息,算你孩子的收入.所以你受到的T4A上应该是你孩子的名字, 由孩子来申报.应该是T4A的box42.

对，照T4A上的名字、数据填报就是了。
出T4A的金融单位都帮你算好了，决不可能要报$5000，否则他们的PG要包铁片。

 

[linlionline]

RESP是分两部分的.一部分是你的本金,你已经交过税了,另一部分是政府补贴和产生的利息,算你孩子的收入.所以你受到的T4A上应该是你孩子的名字, 由孩子来申报.应该是T4A的box42.

yes, it is my child's name. thanks a lot. and also comment to other parents, if you buy RESP for a long time(16 years), maybe you withdraw RESP in two years. I only bought 7-8 years. it gets $5000.(more than $10,000, need pay tax)

thanks.

 

[linlionline]

算孩子的收入，在孩子的名下申报。最后肯定也是不交一分税，还可以拿回点补贴。

yes, thanks!