In Canada, can tuition paid by an RESP withdrawal be claimed on the income tax return?
Students who receive money from an RESP must claim their Educational Assistance Payment as income. Since students typically have limited income while in school, however, they may not be required to pay any income tax on this amount.
What is the best way to withdraw money from an RESP?
The right way to unwind an RESP
- Allow enough time for your bank to process the withdrawal request. …
- Ensure you have the Proof of Admission letter from the educational institution. …
- Ask your advisor for the costs before you withdraw. …
- Withdraw the grant and income portion of the RESP first.