C-253
Second Session, Thirty-ninth Parliament,
56-57 Elizabeth II, 2007-2008
HOUSE OF COMMONS OF CANADA
BILL C-253
An Act to amend the Income Tax Act (deductibility of RESP contributions)
AS PASSED
BY THE HOUSE OF COMMONSMARCH 5, 2008
391104
SUMMARY
This enactment amends the Income Tax Act to provide that contributions to a Registered Education Savings Plan are deductible from a taxpayer’s taxable income.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
2nd Session, 39th Parliament,
56-57 Elizabeth II, 2007-2008
house of commons of canada
BILL C-253
An Act to amend the Income Tax Act (deductibility of RESP contributions)
R.S., c. 1 (5th Supp.)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Paragraph 60(i) of the Income Tax Act is replaced by the following:
Premium, contribution or payment under RRSP, RESP or RRIF
(i) any amount that is deductible under section 146 or 146.1 or subsection 147.3(13.1) in computing the income of the taxpayer for the year;
2. (1) Section 146.1 of the Act is amended by adding the following after subsection (2):
Amount of RESP contributions deductible
(2.01) There may be deducted in computing a taxpayer's income for a taxation year such amount as the taxpayer claims not exceeding the lesser of
(a) the total of all contributions made by the taxpayer into a registered education savings plan in the taxation year; and
(b) the RESP lifetime limit minus the total of all contributions made by the taxpayer into a registered education savings plan in previous taxation years, to a maximum of $5,000.
(2) Subsection 146.1(7.1) of the Act is amended by striking out the word “and” at the end of paragraph (a), by adding the word “and” at the end of paragraph (b) and by adding the following after paragraph (b):
(c) each refund of payments made in respect of any contribution paid by the taxpayer after 2005.
(3) Subsection 146.1(7.2) of the Act is repealed.
Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada