The first
signs of spring are here, the hockey season has ended and the playoffs
have begun. The Blue Jays are playing again and we are all looking
forward to the summer break.
A number of
you have raised the issue of tax deductibility for RESP’s with me during
and since the last election. I have continued to move this issue forward
for the last two years and wanted to explain the current status.
RUMOURS OF THE
DEATH OF MY BILL,
C-253, HAVE
BEEN GREATLY EXAGGERATED
On March 6th
2008, Private Member’s Bill C-253, An Act to amend the Income Tax Act
(deductibility of RESP contributions), passed Third Reading in the House
of Commons and will now go to the Senate.
Saving for
post-secondary education is critical in the 21st century. Allowing
families to deduct RESP contributions to obtain an income tax credit
will affect the thousands of families who are trying to save money for
soaring post-secondary education costs through RESPs.
The bill
passed by a vote of 156-122 with only the Conservative Party refusing to
lend its support to this initiative. The wide base of Parliamentary
support that this bill received shows just how out of touch the Harper
government is on the needs of Canadian families trying to get a
post-secondary education for their children. However, I would like to
thank my colleagues in the House of Commons for supporting this bill and
I call upon the Senate to do likewise.
Soaring
increases in post-secondary costs mean that a Bachelors degree will cost
$100,000 in just a few years. The Government of Canada needs to invest
in educating its young people and providing an educated workforce for
our country and its economy. This bill is one step in doing just that.
Many questions
have also been raised about the vote in the House of Commons on March 14th
pertaining to my bill. That vote was on a Ways and Means motion.
The motion is a procedural requirement that enables the government to
bring forth its Budget Implementation Act. That Act is an eighty-three
page bill that deals with various aspects of the federal budget. It also
contains four clauses (s.45-48) that would remove the tax deductibility
provisions contained in my RESP bill. However, it would only do so if my
bill is actually passed at all stages and receives Royal Assent. Right
now my bill is only before the Senate.
Bill C-253
therefore remains very much alive and it will indeed be studied by a
Senate committee. The government’s Act will also go through the
parliamentary process.
I would like
to remind the Honourable Senators that this Bill is widely supported by
Canadians. Ipsos Reid has conducted a poll for Canwest News Service that
indicated over 56% of Canadians support Bill C-253.
I would also
like to thank the hundreds of Canadian families, from my riding and
across Canada, who have sent me letters and emails supporting this bill.
Keep in
Touch!
Please do
not hesitate to contact me should you have any questions or concerns
relating to the federal government.
