Withdrawl from a Candian Register Educational Savings Plan

I am a dual US/Canadian citizen. I have a Canadian RESP (Register Educational Savings Plan) that was setup when I lived in Canada for my daughters University. She started University in Texas in 2023. Do I need to claim the withdrawal from the RESP on my US taxes? The RESP is treated like a Trust in the USA and I have been filing yearly form 3520&3520A for the account . Any guidance is appreciated.

Thank you

Brent

806

Level 15

Jan 6, 2024 4:32:52 PM

Note sure whether @pk can help here.

Expert Alumni

Jan 9, 2024 8:27:12 AM

Yes, you will need to report any earnings earned from the RESP. If the distribution included earnings from interest or dividends, this needs to reported on your US tax return.

@bcselin

Level 2

Jan 10, 2024 1:34:05 PM

Would I only need to declare the interest, etc. and not the principle amount of the withdrawl?

Thanks

Expert Alumni

Jan 11, 2024 4:17:25 PM

No. You will only need to report interest or dividend earnings from the plan.

@bcselin

Level 2

Mar 15, 2025 6:15:03 PM

Thank you for response. Am I able to claim the interest, etc. on my daughters tax return vs. mine?

Expert Alumni

Mar 26, 2025 5:39:57 AM

Yes, if your daughter is claimed as your dependent.

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Withdrawl from a Candian Register Educational Savings Plan