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Identify the statement that is true concerning the aip

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Question - Faisal is the subscriber on a non-family RESP and has met the criteria in order to receive an Accumulation Income Payment (AIP). Faisal plans to take the AIP during this year. Identify the statement that is true concerning the AIP.

a. The payment will include a refund of Faisal's contributions made into the plan.

b. If Faisal receives the payment as described, he must terminate the RESP by the end of February, next year.

c. The AIP will be treated as regular income and will be taxed in the year following receipt.

d. Faisal could eliminate any tax consequence associated with receipt of the AIP by having the AIP transferred directly into his RRSP, and it will have no impact on his RRSP contribution room.

Reference no: EM133174547

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