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J www.durhamrcgion.com The Canadian Statesman December g, 2006 PAGE A3 Education savings bill takes a step forward Dan McTe ague's proposal passes its second reading By Crystal Crimi ccrimi@durhamiegion.com DURHAM -- A plan to make it easier to save for post-secondary school is closer to becoming becoming reality. A private members' bill to make registered education education savings plans (RESP) 100-per cent tax deductible deductible passed its second reading in the House of Commons recentiy. Dan McTeague, MP for Picker- ing-Scarborough East,. introduced the proposal in the spring, following constituent constituent concerns about high post-secondary tuition costs and taxes. ' "There are many people that readily recognize, regardless of their political spectrum, this has a substantial interest for us," said Mr. McTeague. The second reading was passed by a 140-to-125 vote. Next, the bill will go to a committee that will examine it and possibly make recommendations, recommendations, then return to the House for it's third reading and passage. If approved, the RESP plan could be in place by March break, said Mr. McTeague. "The important thing is the bill was supported in principle," he said. According to Statistics Canada, in 2002 only 27 per cent of children under age 19 had RESPs established, established, with a median average value of $4,000. With the post-secondary tuition freeze over, an average four- . year education with residence fees will cost about $100,000 by 2018, said Mr. McTeague. The bill's intention intention is to attract more people to RESPs. Currently, RESPs are purchased using after-tax income and receive 20 per cent on the dollar from the government, said Mr. McTeague. By making RESPs dollar-for-dollar tax deductible, they'll be subtracted from a family's taxable income, the same way a registered retirement savings plan works, up to a maximum maximum annual allowance. Money in the RESP would be taxed once cashed for an education, education, but chances are the student's income will be below the poverty line and exempt from income tax, said Mr. McTeague. If education plans changed and the RESP wasn't used, it could be cashed by the The Bells of Bowmanville do Christmas concert BOWMANVILLE - The Bells of Bowmanville present a Christmas concert Friday, Dec. 15 beginning at 7:30 p.m. The concert takes place at Bowmanville Bowmanville Seventh-day Adventist Church, 2850 Hwy. 2 East, Bowmanville. Bowmanville. Joining the Bells will be flautist Joanne Averill-Rocha. Il I Dan McTeague purchaser and added, to annual income, where it would be taxed. "We're getting a lot of support for this," said Mr. McTeague. While he was at the Pickering Santa Claus Parade recently, a woman asked him when the RESP bill was coming through and pointed pointed to her children. But, Mr. McTeague's proposal would mean lost revenue for the federal government. If getting the bill through means dropping dropping the 20-per-cent- on-the-dollar incentive, he's willing to negotiate. Mr. McTeague said if the current incentive was replaced by a tax-deductible tax-deductible RESP, and three times as many people bought one, the federal government government would have to forgo about $200 million a year in income tax revenue. "I, think we need to fill up the silos. and ensure the ability for our young to have access to education... that brings revenue to Canada," said Mr. McTeague. In the future, the money lost should even itself out. 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