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Thread: tax investment question
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Fri, Feb 26th, 2010, 02:40 AM #1Smart Canuck
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i had my daughters resp in a gic last year, am i suppossed to claim that on my "investment income"??
This thread is currently associated with: N/ALast edited by kris10; Fri, Feb 26th, 2010 at 03:27 AM.
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Fri, Feb 26th, 2010, 07:58 AM #2Canadian Guru
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Is the GIC held in an RESP that has your daughter as the beneficiary?
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And the withdrawn income will then be taxed at your daughter's tax rate, not yours.At the right time, a kind word from a stranger, or encouragement from a friend, can make all the difference in the world. Kindness is free, but it's priceless. ~ Doe Zantamata
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Thu, Jun 10th, 2010, 08:06 PM #3Financial Advisor
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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.
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