Box 040 - RESP accumulated income payments

Enter the amount shown in box 040 on line 130 of your return.

RESP accumulated income payments paid to someone other than the subscriber or subscriber's spouse or common-law partner (box 122) will be included in box 040.

These payments are subject to two different taxes: the regular income tax and an additional 20% tax (12% for residents of Quebec).

You must complete Form T1172, Additional Tax on Accumulated Income Payments from RESPs, to calculate the additional tax. The additional tax calculated on this form must be entered on line 418 of Schedule 1, Federal Tax.

If you have questions about the amounts shown on your T4A slip, contact the issuer of the slip.