Need a source? - Federal parliament approves RESP Bill to make contributions tax deductible

    Education savings provider available to discuss Bill C-253 as incentive
    to save for post-secondary education

    TORONTO, March 10 /CNW/ - Liberal MP Dan McTeague's proposed Bill-C253
was passed by the House of Commons on March 5 and now goes to the Senate. If
the bill becomes law, parents will be able to deduct up to $5,000 a year of
RESP contributions from their income taxes, much like a registered retirement
savings plan.
    This is a good month for families saving for their child's education. The
2008 Federal Budget also included measures to provide more flexibility to
families who save through Registered Education Savings Plans (RESPs) by
increasing the time RESPs can stay open to 35 years from 25 years, and by
extending the maximum contribution period by 10 years.
    Canadian Scholarship Trust Foundation supports any measure that will help
more families save for their child's post-secondary education.
    "Members of Parliament clearly see the importance of preparing early for
a child's post-secondary education by encouraging parents to save," says Peter
Lewis, Vice President, Canadian Scholarship Trust Foundation. "Our experience
indicates that saving for a child's education, regardless of the amount,
increases the probability of that child going on to higher education."
    An RESP is an education savings plan registered under the Federal Income
Tax Act that helps families save for post-secondary education. Income earned
on contributions grows tax-free until a child is ready to attend college,
university or even trade school.
    Peter Lewis is available to talk about how parents can maximize their
education savings potential and how this change could work to their benefit.
He can also discuss how additional government incentives can help supplement
education savings.

    The Canadian Scholarship Trust Foundation, founded in 1960, is the oldest
and largest provider of RESPs 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.

For further information:

For further information: To arrange an interview, please contact:
Tonique Harry, Linda Weichel, (416) 504-8464,,

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