Lori Cantafio, CPA, CA, Professional Corporation, Chartered Professional Accountant
​California CPA ~ Canadian CPA, CA
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Education Savings Plans

6/25/2016

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If you withdraw from an Education Savings plan here are some considerations: 

"Unlike the Canadian RESP, where withdrawals can be used for any expense, 529 withdrawals must be used for eligible college expenses. If they are not, you will generally be subject to income tax on the withdrawal and an additional 10% federal tax penalty on the earnings."
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http://cardinalpointwealth.com/canada-u-s-education-savings-options/
  
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Contact Info: 
Lori Cantafio, CPA
​(403) 630-0870
Lori@LoriCantafioCPA.com
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​(Bow Valley Square Tower 2)
Calgary AB
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LORI CANTAFIO, CPA, CA, CPA (CALIFORNIA, USA)
  • Home
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  • US Tax questions
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