Is there any Canadian tax law-knowledgeable people here?
I am possibly getting cucked and I need some advice regarding taxes and RESPs.
>>1124792
Buy some ethercuck. Its the newest cryptokek.
>>1124804
I already have $10,000 worth. I'm practically a whale
Well?
>>1124810
Seriously. Buy some ethercuck.
Thanks for the help faggots
Fuck this shitty board
>>1124879
Should've just bought some ETH
Faggots
>>1124810
>10k worth of eth
>whale
kek
WELL? WELL? WELL?????
>>1126364
You need a more specific question. I am here and relatively knowledgable.
>>1126438
Do I need to declare RESP principle dosh as income?
I withdrew my shekels and my parents got their principle dosh and transferred it to me. Does that count as a "gift" since it's after-tax and no taxes need to be paid?
In my understanding I only need to file their grant monies as income and since it's under $10k I don't even need to pay anything.
>>1126503
Have you read this:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html
It explains the rules quite well.
>>1126519
I did read it but I'm just curious about the principle, is that just "their money" then which they gave to me and thus it's not taxed?
How about if someone drops out? Do they need to pay back grants?
>>1126526
Well
>>1126526
Well???
>>1126526
It's just like an RRSP. It is initially taken away from your parents taxable income for the year. That doesn't remove the obligation to pay tax on it, it just extends the payback period and the money gains interest tax free while it is in the RESP. Once withdrawn, it becomes taxable, and so does the interest that has accrued. When you need it though, you will be a student and thus pay no tax on it. If you take it out when you have taxable income, it then gets added to that income.
>>1126812
This does not sound right.
>Contribution withdrawals are not taxed.
>EAP (educational assistance payments) which are withdrawals of accumulated income, are taxed as income at the hands of the student.
So basically the accumulated interest + grants are what I add as my "income" when filing taxes, right?
>>1126821
Yeah, that's a bit misleading.
School costs are tax deductible though so any money from the RESP that you use to pay for school is offset by the tax credit of going to school.
The grant is money that the adds to boost the RESP. It can only be used for educational purposes. If you drop out, the grant portion would have to be paid back in full. The RESP would be taxed.
>>1126845
>the GOV'T adds to boost the RESP
>>1126845
That doesn't sound right based on this one Canadian personal finance blog.
The grants and shit(what is the EAP I understand) doesn't *have* to be paid, as you incorrectly said.
In fact, in 2008 it appears that they added something that allows you to withdraw EAP monies 6 months AFTER you drop out(for example), and thus the author of the blog is saying his recommendation is withdrawing the money as soon as possible within those 6 months(in the scenario he's addressing).
Therefore it would appear that you pretty much withdraw the money and the money withdrawn BEFORE you drop out, or whatever is not affected, only fees/taxes on money you try to use after dropping out is affected.
hope that makes sense, this shit is pretty confusing.
>>1126845
>School costs are tax deductible though so any money from the RESP that you use to pay for school is offset by the tax credit of going to school.
also with the new tuition shit in Ontario they're doing away with tuition tax credits, fyi.
>>1126857
I'm not an expert on Canadian tax laws so you are stretching my capabilities big time.
One thing I can tell you though is if you decide to be the bull in a cuckfest with CRA, CRA's dick is way larger than yours and they will fuck you up the ass so hard you won't sit down for a month.
>>1126907
Hmmm.
All signs point to what I said in my previous post being correct tho.
I guess I'll just do that then. According to everything it seems correct. Considering the EAP payments can be spent pretty much however you wish, you could make an argument that the new car you bought is for getting to school, etc.
>>1126911
The thing is, CRA makes arbitrary decisions. You don't get the opportunity to explain. They will say you were audited and you will have to pay them back a big chunk of money without any opportunity to argue. It will then be on you to try to appeal their decision. Good luck with that. Play the game straight. You will regret it big time otherwise.
>>1126961
I don't know how to much(if anything) i'm suppose to pay them tho.
According to their own website that's what it says.
I'm not just going to infer some shit based on what I + some other guy on /biz/ think, if it doesn't say it I'm not doing it.
>>1126966
Let me know how that works out for you. Taking advice from some random stranger on 4Chan is way better than playing your cards right with CRA. In the meantime, look up garnishment.
>>1126992
I don't know what you're trying to imply but it literally says that on their website along with other Canadian personal finance blogs.
Are you implying I am stealing or behaving unlawfully in some way?
