All answers on TaxGuided are community-contributed and for educational purposes only. This is not professional tax, legal, or accounting advice. Always consult a qualified professional for your specific situation.
How should a Canadian family think about RESP money once a child is actually going to school?
We have an RESP in Canada and a beneficiary is nearing post-secondary studies. Please explain why contributions and educational assistance payments are not the same thing, and why the withdrawal strategy matters once school begins.
Related Questions
Why is the Canada training credit more about building room over time than claiming tuition in one dramatic year?
A worker wants to claim training costs in Canada and assumes the credit is just available whenever they spend on courses. Please explain why the training credit depends on accumulated room and why that makes it feel different from ordinary tuition thinking.
Why does Germany draw a sharper tax line between first vocational training and later further training than many students and workers expect?
People in Germany often talk about study or training costs as if all education spending should enter tax in the same way. Please explain why the tax answer changes between first vocational training and later further training, and why Sonderausgaben and Werbungskosten are not just two technical labels for the same thing.
When should a Canadian student keep tuition amounts instead of transferring them to a parent?
Families sometimes assume unused tuition should always be transferred to whoever pays more tax right now. Please explain when that makes sense, when carryforward is smarter, and why the student cannot simply pass along every unused dollar.
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.