An Act to amend the Income Tax Act (deductibility of RESP contributions)

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

Sponsor

Dan McTeague  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of March 24, 2010
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Income Tax Act to provide that contributions to a registered education savings plan are deductible from a taxpayer’s taxable income.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Income Tax ActRoutine Proceedings

March 24th, 2010 / 3:30 p.m.
See context

Liberal

Dan McTeague Liberal Pickering—Scarborough East, ON

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)