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Claim Your Share: Navigating the $500-Million Bread Price-Fixing Settlement

  Canadians who purchased packaged bread between January 1, 2001, and December 31, 2021 , may be eligible for compensation from a $500-million class-action settlement . This lawsuit accused major grocery chains, including Loblaw Companies Ltd. and George Weston Ltd. , of participating in a price-fixing scheme that artificially inflated bread prices. Who Can Apply? Eligible claimants include individuals and businesses that bought packaged bread in Canada during the specified period. The settlement covers most packaged bread products , but excludes fresh in-store baked goods, artisan loaves, and frozen bread. How to File a Claim Once the settlement process is finalized, an online claims porta l will be available for submissions. Claimants will need to provide details about their bread purchases, though proof of purchase is not required for claims up to $25 . Those who previously received a $25 Loblaw gift card  in 2018–2019 can still apply, but the gift card amount will be deduc...
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Unlocking Future Potential: The Benefits of Registered Education Savings Plans (RESPs) for Canadian Families

 




A Registered Education Savings Plan (RESP) is a specialized savings vehicle designed to help Canadian families save for their children's post-secondary education. Established by the Canadian government, RESPs offer unique tax advantages that make them an attractive option for parents and guardians aiming to financially support their children's educational aspirations.

The primary benefit of RESP savings lies in its tax-deferred growth. Contributions made to the plan are not tax-deductible, but the investments within the RESP can grow tax-free until the funds are withdrawn for educational purposes. This allows the investments to potentially accumulate substantial gains over time, resulting in a larger pool of funds available to cover educational expenses when the time comes.

Furthermore, the Canadian government provides an additional incentive in the form of the Canada Education Savings Grant (CESG). The CESG matches a percentage of contributions made to the RESP, effectively supplementing the savings and accelerating the growth of the fund. The amount of the grant depends on the contribution made, with lower-income families often eligible for higher grant percentages.

It's important to note that RESP savings come with specific rules and regulations. The funds can only be used for qualified education-related expenses, including tuition, books, housing, and other associated costs at eligible post-secondary institutions. If the beneficiary decides not to pursue higher education, there are options for transferring the funds to a sibling's RESP or withdrawing the contributions (though not the grant and investment earnings) with potential tax implications.

In summary, RESP savings provide a powerful tool for Canadian families to proactively save for their children's education while benefiting from tax advantages and government grants. The RESP structure encourages long-term financial planning and can significantly alleviate the burden of education-related expenses, contributing to a brighter future for the next generation.







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