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Incorrect Tax Slip Issued by Bank


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I became a non-resident of Canada on October 1, 2023. 

Prior to leaving Canada, I made a final withdrawal from a RESP I set up for one of my children.  The amount was used by that child for tuition. 

The institution (RBC) issued an N3 form (Statement of Amounts paid to Non-Residents of Canada) in my son's name (who is still resident in Canada).  Typically, they would have issued a T4A.  

How does my son report this on his tax return?

Louie

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Hello Ldee,

If you received an AIP from a registered education savings plan (RESP) in the year, you may have to pay an additional tax on all or part of the amount shown in box 040 of your T4A slips. Complete Form T1172, Additional Tax on Accumulated Income Payments from RESPs.  In your case it could go into Box 040 BUT please confirm with the CRA

Contact the CRA

1-800-959-8281 for inquiries related to individuals.

 Telephone numbers – Canada Revenue Agency / CRA wait times:

https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html

 

T4A

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