Category: Education Savings Plans

US & Canadian Cross-Border Tax Service - Cross-Border Financial Professional Corporation - Education Savings Plans
RESP on US Tax Return

The ABCs of Canadian RESPs for U.S. Tax Filers

Registered Education Savings Plans (RESP) Basics – What You Need to Know A Registered Education Savings Plan (RESP) is a special savings account established by the Canadian government to help parents save for their children child’s post secondary education after-secondary education. The unique aspect of…
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Canadian Tax-Free Savings Accounts – Pitfalls on a U.S. Tax Return

Assessing the benefits of maintaining a Tax-Free Savings Account (TFSA) is often off the radar of a U.S. income tax filer. With all the advantages to a Canadian resident, most view TFSAs as something good. However, there are a few reasons why U.S. filers should…
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Heading South? US Tax Implications of your Canadian RESPs

Under Canadian tax rules, a Registered Education Savings Plan (RESP) is an amazing tool for deferring tax while saving for your child’s education. A move south of the border may wipe these benefits out! Why? The income earned on a Canadian RESP is included on…
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