[update] RESPs on steroids!
A pretty amazing private bill was voted today in Parliement by all parties (except the Conservatives in power!). It basically gives a tax break for RESP contributions up to 5000$ a year. I've had a quick look in the Canadian PF blogosphere and didn't see that fact reported much. It's amazing because:
- It's another good news after the recent big TFSA announcement.
- It's a bill promoted by a backbencher MP
- It was approved by the opposition without the ruling party's consent
- It will help promote more investment in education
- It's another tax break we are getting (the GST cut being another example)
2 comments:
Saw this too and am really hoping that it goes through all the way. I'm not a constitutional lawyer but I wonder if the government could still simply never proclaim it since a law doesn't have effect until that happens.
Edward Palonek
Considering the rising cost of education this law makes sense. However I think it might be too little too late for some families. What the Canadian government needs to do is re-evaluate the future rising cost of education and apply tax brakes accordingly. With the global competition education will keep countries like Canada ahead. Thus the government should stop this pathetic attempt by the Liberals to make themselves look good and provide a real solution.
http://palonek.blog.ca/
Post a Comment