You are an Ontario resident and 14 years ago you opened an individual RESP for your then 10 year old son. As a result, you qualify to receive accumulated income payments (AIPs). Over the years you've contributed a total of $35,000, the government has contributed $5,000 in CESG and $10,000 has been earned in income. Your son has now decided he will not pursue a post secondary education. Given this situation: (i) How much can you withdraw from the RESP for your own benefit, and (ii) How much tax (if any) will you have to pay if you do? Assume your marginal tax rate is 40%. (i) $45,000 (ii) $6,000 (i) None of the funds (ii) $0 (i) $50,000 (ii) $20,000 (i) $35,000 (ii) $14,000 Previous Page Next Page Page 19 of 48