Form T1172 Additional Tax on Accumulated Income Payments From Resps - Canada

Form T1172, Additional Tax on Accumulated Income Payments From RESPs, is used in Canada to calculate and report any additional taxes owed on accumulated income payments received from a Registered Education Savings Plan (RESP). The purpose of this form is to ensure that any investment income earned within the RESP is appropriately taxed.

The subscriber or the annuitant who received the accumulated income payments from RESPs files Form T1172 in Canada.

FAQ

Q: What is Form T1172?
A: Form T1172 is a form used in Canada for reporting additional tax on accumulated income payments from Registered Education Savings Plans (RESPs).

Q: What are accumulated income payments from RESPs?
A: Accumulated income payments from RESPs are the income earned on contributions in an RESP that have not been previously paid out.

Q: Why do I need to report additional tax on accumulated income payments from RESPs?
A: You need to report additional tax on accumulated income payments from RESPs because these payments are subject to taxation.

Q: How do I report additional tax on accumulated income payments from RESPs?
A: You can report additional tax on accumulated income payments from RESPs by filing Form T1172 with the Canada Revenue Agency (CRA).

Q: What is the purpose of reporting additional tax on accumulated income payments from RESPs?
A: The purpose of reporting additional tax on accumulated income payments from RESPs is to ensure compliance with tax laws and to calculate the correct amount of tax owed.

Q: Are there any exceptions or deductions available for additional tax on accumulated income payments from RESPs?
A: There may be certain exceptions or deductions available for additional tax on accumulated income payments from RESPs, which can be explored further by consulting the CRA or a tax professional.

Q: What are the consequences of not reporting additional tax on accumulated income payments from RESPs?
A: Failure to report additional tax on accumulated income payments from RESPs can result in penalties and interest charges.

Q: Is Form T1172 specific to Canada or can it be used in the USA as well?
A: Form T1172 is specific to Canada and cannot be used in the USA.

Q: Is there a deadline for filing Form T1172?
A: The deadline for filing Form T1172 is generally the same as the deadline for filing your personal income tax return in Canada (usually April 30th).