Nancy is concerned about the cost of post secondary education. She opened a RESP account for her
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Question:
Nancy is concerned about the cost of post secondary education. She opened a RESP account for her two children. Related to the tax consequences with a RESP:
a. Interest on funds borrowed to make a RESP contribution are tax deductible
b. If Nancy withdraws her contributions, they will be added to her taxable income
c. Contributions to the RESP are not tax deductible
d. Interest and dividend earnings in the RESP are taxable to Nancy in the year earned.
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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