If you received accumulated income payments (AIP) from a registered education savings plan (RESP) throughout the year, you might have to pay what’s known as a special tax on this income. AIPs are typically paid to the subscriber (the person paying into the RESP), the spouse or former spouse of the subscriber, and in some cases, their heir. The amount of income received from an RESP’s AIP is reported in box O (code: RV) of your RL-1 slip.
Completing form TP-1129.64-V allows you to calculate the amount of special tax, if any, you’ll have to pay on this income.
If you’re a Canadian resident living outside of Québec, any AIPs you receive will be reported on your T4A slip. If that’s the case, you’ll need to complete form T1172: Additional tax on Accumulated Income Payments from RESPs, to see if you’ll need to pay tax on this income.
Where do I claim this?
Follow these steps in H&R Block's tax software to file your 2016 taxes:
Before you begin, make sure you’ve indicated that you lived in QUÉBEC on December 31, 2016.
- Under the PREPARE tab, click the OTHER icon. You will find yourself here:
- Under the OTHER TYPES OF INCOME heading, click the checkbox labelled Special tax relating to an RESP (TP-1129.64-V).
- Scroll to the bottom of the page and click Continue.
- When you arrive at the page for the TP-1129.64-V, enter your information into the tax software.