or 12% in Quebec. The amount of money contributed to an RESP won't be taxed, just the interest earned or investment gains. Anyone who makes a withdrawal receives a T4A tax slip in order to report the income on their annualtax
The correct procedure is to amend the prior years’ corporate tax returns. Current corporate tax expense should be recorded as follows: (1) Debit Current Income Tax Expense (2) Credit Current Income Tax Payable When a corporate income tax payment is made to the CRA, the following entry is ...