C-500
Third Session, Fortieth Parliament,
59 Elizabeth II, 2010
HOUSE OF COMMONS OF CANADA
BILL C-500
An Act to amend the Income Tax Act (deductibility of RESP contributions)
first reading, March 24, 2010
Mr. McTeague
402376
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
3rd Session, 40th Parliament,
59 Elizabeth II, 2010
house of commons of canada
BILL C-500
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, 146.1 or 146.3 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 “and” at the end of paragraph (a), by adding “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(3) Subsection 146.1(7.2) of the Act is repealed.
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