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-   -   Tax on over-contributions to resp (https://www.askmehelpdesk.com/showthread.php?t=86651)

  • Apr 26, 2007, 01:49 PM
    macw
    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?
  • Apr 27, 2007, 09:27 AM
    AtlantaTaxExpert
    Over-contributions are usually liable to a 6% excise tax each year until the over-contribution is withdrawn.

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