Ann has a daughter Megan who attends a qualifying post-secondary educational institution. Ann is the owner of the RESP with Megan listed as beneficiary. Ann withdraws $10,000 from the RESP, $4,000 of which is considered an EAP. What are the tax consequences of the withdrawal? Question 6 options: 

A) $4,000 taxable income to Megan; no tax consequence to Ann 

B) $4,000 taxable income to Ann; $6,000 taxable income to Megan 

C) $4,000 taxable income to Megan; $6,000 taxable income to Ann 

D) $4,000 taxable income to Ann; no tax consequence to Megan

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is ... View the full answer