Posted AT 7:22 PM EST on 06/03/08
Federal bill provides RESP tax break
OTTAWA — Canada's opposition parties united to pass legislation that would give parents a tax break on contributions to Registered Education Savings Plan.
MP Dan McTeague's private member's bill, passed Wednesday night, would treat RESPs like Registered Retirement Savings Plans. Parents would be allowed to put up to $5,000 in an RESP for each child and deduct the contributions from their income taxes.
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