Line 41800 – Special taxes
Note: Line 41800 was line 418 before tax year 2019.
Additional tax on RESP accumulated income payments
An accumulated income payment (AIP) is a payment from your registered education savings plan (RESP) that is not:
- an educational assistance payment
- a payment to a designated educational institution in Canada
- a refund of contributions to the subscriber or to the beneficiary
- a transfer to another RESP
- repayments under a Canada Education Savings Program or a Provincial Education Savings Program
AIPs are shown in box 040 of your T4A, Statement of Pension, Retirement, Annuity and Other Income slips. Include the total of all AIPs on line 13000 of your Income Tax and Benefit Return. There is an additional tax on this amount.
However, the amount may be lowered or reduced to zero if all of the following conditions are met:
- you are the original subscriber or the spouse or common-law partner of a deceased original subscriber (if there is no other subscriber)
- you contribute, or the promoter transfers all or part of the AIPs, to your RRSP, PRPP or SPP or your spouse or common-law partner's RRSP or SPP in the year the AIPs are received or in the first 60 days of the following year
- you deduct all of the RRSP, PRPP or SPP contribution on your tax return in the year the payments were received
If you received an AIP from a registered education savings plan (RESP) in 2019, you may have to pay an additional tax on all or part of the amount shown in box 040 of your T4A slips. Fill out Form T1172, Additional Tax on Accumulated Income Payments from RESPs to calculate the additional tax. For more information, see Registered Education Savings Plans (RESPs).
Filling out your Income Tax and Benefit Return
On line 41800 of Schedule 1, enter the amount from line 10, 13, or 16 (whichever applies) from Form T1172, Additional Tax on Accumulated Income Payments from RESPs (if applicable), and the amount from line 10 from Form RC359, Tax on Excess Employees Profit-Sharing Plan Amounts (if applicable), and the amount calculated as instructed above under “Tax related to the non-purchase of replacement shares in a Quebec labour-sponsored fund".
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