Form T1171 Tax Withholding Waiver on Accumulated Income Payments From Resps - Canada

Form T1171, Tax Withholding Waiver on Accumulated Income Payments from RESPs, is used in Canada to request a waiver of withholding tax on accumulated income payments from Registered Education Savings Plans (RESPs). It is primarily used when a beneficiary of an RESP is a non-resident of Canada and wants to receive accumulated income from the plan without tax being withheld at the source.

The person who would typically file Form T1171 Tax Withholding Waiver on Accumulated Income Payments from RESPs in Canada is the subscriber (contributor) of the RESP (Registered Education Savings Plan).

FAQ

Q: What is Form T1171?
A: Form T1171 is a tax withholding waiver on accumulated income payments from RESPs in Canada.

Q: What are accumulated income payments from RESPs?
A: Accumulated income payments from RESPs are payments made to a beneficiary from the earnings in a Registered Education Savings Plan.

Q: Why do I need to fill out Form T1171?
A: You need to fill out Form T1171 to request a waiver of tax withholding on accumulated income payments from RESPs.

Q: When should I submit Form T1171?
A: Form T1171 should be submitted to the Canada Revenue Agency at least 30 days before the first accumulated income payment is made.

Q: Can I submit Form T1171 electronically?
A: No, Form T1171 must be submitted in paper format by mail or by fax.

Q: Is there a fee to submit Form T1171?
A: No, there is no fee to submit Form T1171.

Q: What happens after I submit Form T1171?
A: After you submit Form T1171, the Canada Revenue Agency will review your request and notify you of their decision on the tax withholding waiver.