When Are Earnings from UGMA and UTMA Accounts Taxed

question 36

Multiple Choice

When are earnings from UGMA and UTMA accounts taxed?

• A) Upon withdrawal.
• B) In the year they are earned.
• C) Earnings are not taxed.
• D) When the child is no longer a minor.

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Definitions:

Institutional Barrier

Obstacles and policies within organizations and societies that hinder individuals or groups from achieving their goals or accessing resources.

Mental Health Treatment

Interventions and strategies used to treat mental disorders or improve mental health, including therapy, medication, and support services.

First Nations Peoples

Indigenous peoples in Canada who are neither Inuit nor Métis, often referring to groups that were the original inhabitants of the land.

Culturally Sensitive

An approach or practice that is respectful and mindful of the beliefs, practices, habits, and values of different cultures.