“We can navel gaze about what this bill will cost today,” Mr. McTeague said in an interview. “The lost revenue would be gained down the road when kids get higher paying jobs.”
I agree. Which is why I also propose dropping the GST to five percent. Oh wait, already done. What did Dion say about that again?
“We are the party of compassion, the party of Kelowna for aboriginals, the party that wants to put the fight against poverty at the core of agenda. We want to invest in Canadians and families, seniors, in regions, and there is no good balance in this declaration of the minister of finance about investing in Canadians and tax cuts.”
Wait a second, won’t more money being saved by families to invest in RESPs for their children… Never mind.
Chop the gun registry or the HRC funding and keep this tax break.
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March 7, 2008 at 5:42 pm
Durward
I dis-agree.
It’s un-needed, un-bugeted and irresponscible.
Government has the privilage of setting fiscal policey, and rightly so or we risk becoming a Pizza Parliament like they have in Italy where coalitions of special interest groups( the large amounts of fringe parties) highjack the national agenda to the ruin of all.
In a country like Canada where three of the four parties are socialist openly or covertly, allowing this to happen will lead to no end of ridiculas socialist taxpayer funded craziness.
March 7, 2008 at 5:48 pm
DWT
Better yet, let the RESP stand and take the funding from the CBC - a win-win for everyone.
March 7, 2008 at 5:50 pm
Surecure
Well, if they drop the gun registry and the HRC, they’d only have to find another $800 million or so to balance out the costs. Shouldn’t be too hard.
March 7, 2008 at 6:37 pm
Sheldon Kotyk
I’d much rather have a tax break for doing something positive for my kids than a gun registry which does absolutely nothing to prevent crime, or HRCs that do their best to take away freedom of speech.
March 7, 2008 at 6:48 pm
lance
The gov’t needs a way to fund this.
March 7, 2008 at 7:32 pm
JMP
http://tax-free-resp.blogspot.com/
March 8, 2008 at 6:11 am
rebarbarian
Sorry, have to disagree. A large number of Canadians do not go to university. They end up subsidizing those who do. A large percentage of university education ends up being a Bachelor of Arts. Persuade me as to why plumbers and mechanics should have to pay for that.
March 8, 2008 at 9:46 am
Sheldon Kotyk
This is a tax deduction so that parents can afford to help pay for their children’s education. Plumbers and Mechanics can use the deduction as well to help pay for their child’s education.
March 8, 2008 at 10:55 am
resp guy
RESP’s are used for post secondary education. Everything from truck driving, hair dressing, apprenticeship programs, college, university qualifies.
The minimum requirement for taking money out of an resp is three weeks of school, ten hours per week for a total of thirty hours. That’s 5 days at 6 hours per day.
…and if your kids choose not to go, you roll the profit’s into your RRSP.
There is no downside to this.
The Tories need to back this and cancel one of those stupid liberal programs to pay for it!
March 8, 2008 at 8:47 pm
Sheldon Kotyk
Wait a second, hold on… there has to be a downside. Isn’t our economy going to tank if all of a sudden every parent dumps the $5000 they had in that special savings account into an RESP instead?
OK, that was enough sarcasm.
resp guy, even if the gov’t can’t cut a useless program to ‘fit’ this in, can you think of a reason this will break the bank?
March 11, 2008 at 12:29 pm
resp guy
I do not have an “expert “opinion on the national economic picture.
I believe money can be found if they want to fit this in.
The popular economic press has come out against this idea saying it would only help the upper middle classes and above. This is true but what’s wrong with that! I would have loved a tax break while I was saving for my kids education. I would have spent it (as one can never have enough stuff) or re invested in the economy. Either way it’s a win!
The lefties are against anything helping anyone who is making their own way in the world and unfortunately, they are the majority these days, as evidenced by our three left wing opposition parties.
The Tories won’t allow the opposition to set the fiscal agenda. If they do, they will have lost the moral authority to govern but, watch for a Tory version of this same bill, perhaps a partial tax excemption?!, or something like that in the next election.
March 11, 2008 at 12:48 pm
Sheldon Kotyk
I guess that my question was more along the lines of “Can you see this actually costing what the economists are predicting?”