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    macw's Avatar
    macw Posts: 1, Reputation: 1
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    #1

    Apr 26, 2007, 01:49 PM
    Tax on over-contributions to resp
    If parents are separated/divorced and both are contributing to RESPs for child, mother stops contributing when contributions total maximum $42,000. But father continues to contribute 2,000 and 1,000 more, who is taxed the penalty for over-contributions?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 27, 2007, 09:27 AM
    Over-contributions are usually liable to a 6% excise tax each year until the over-contribution is withdrawn.
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