TORONTO, April 18 /CNW/ - The deadline for filing federal income tax
returns is April 30, but many Canadians submit their tax form early, in hopes
of a tax refund sooner.
As families start thinking about how to spend a tax refund, their choices
range from short-term indulgences to practical spending. Investing in a
child's future by starting a Registered Education Savings Plan (RESP) is a
great way to make a tax refund work for the whole family.
Consider these Statistics Canada facts:
- College and university costs continue to rise:
- Undergraduate students paid an average $4,347 in tuition fees for
the 2006/2007 academic year, triple the average of $1,464 in
- Since the 1990/1991 academic year, tuition fees have increased at
an annual average rate of about seven per cent. Rising costs are
a concern for parents who hope their child will pursue a post-
secondary education years down the road.
- Youth with savings set aside for their education are more likely to
pursue post-secondary education compared to those who had none
- Young Canadians who felt their parents expected them to go on to post-
secondary education were more likely to do so than those who felt
their parents did not expect them to go - 67 per cent compared to 34
Peter Lewis, Vice-President, Canadian Scholarship Trust Foundation is
available to talk about the value of using a tax refund to invest in an RESP,
making the most of available government grants that are paid directly into an
RESP and the benefits of starting to save early for a child's post-secondary
education. He can also provide context and perspective for the statistics
The Canadian Scholarship Trust Foundation, founded in 1960, is the oldest
and largest provider of Registered Education Savings Plans in Canada with more
than $2.3 billion in assets under administration. Its mission is to promote
the benefits of higher education and improve access by reducing financial
barriers and providing wide distribution of RESPs.
For further information:
For further information: or to set up an interview, please contact
Tonique Harry, Myra Reisler, (416) 504-8464, email@example.com,