i had my daughters resp in a gic last year, am i suppossed to claim that on my "investment income"??
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i had my daughters resp in a gic last year, am i suppossed to claim that on my "investment income"??
Is the GIC held in an RESP that has your daughter as the beneficiary?Quote:
Originally Posted by kris10
As long as the interest is earned within an RESP account, then it is exempt from taxes, until your daughter withdraws the earnings/interest for her studies.
And the withdrawn income will then be taxed at your daughter's tax rate, not yours.
All registered accounts: RESP, RRSP, RRIF, RDSP, TFSA, LIRA, LIF, LRIF, all have the same feature- As long as the growth interest, dividend or capital gain is inside in the account, there is no Tax implications.