moved for leave to introduce Bill C-500, An Act to amend the Income Tax Act (deductibility of RESP contributions).
Mr. Speaker, I want to thank the House for allowing me to reintroduce a bill that two years ago passed this House and went to the Senate.
The bill is a reintroduction of the tax deductibility of RESPs, registered education savings plans. The contributions would give young people an opportunity to get access to and acquire higher education.
I want to thank my hon. colleague for Mississauga South for graciously accepting to second the motion. It is significant that he also supports the bill, given his background both in terms of finance as well as accounting. I am very pleased to receive his support.
In the last decade, the average yearly tuition for an undergraduate degree almost doubled, and the average debt load upon completion is now in excess of $20,000. With projections indicating that the cost of an undergraduate degree will reach $100,000 in the near future, families need assistance to help save money for post-secondary education. I am pleased to reintroduce this bill.
(Motions deemed adopted, bill read the first time and printed)