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What are the tax implications of a RESP withdrawal?

Tax implications of RESP withdrawal include:

Post-Secondary Educational Capital Withdrawal (PSE): 

This is composed of the contributed capital and it is non-taxable to the subscriber.      

Educational Assistance Payment (EAP): 

This is composed of income growth and grant money. This is taxable to the beneficiary.    
Non-Educational Capital Withdrawal (NCW):

This is return of contributed capital to the subscriber if the beneficiary does not pursue a post-secondary education. It is non-taxable.  

Please note: NCW will trigger grant repayments back to the government.

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