With respect to a plan adopted by more than one such corporation, the applicable limitations provided by section a shall be determined as if all such employers were a single employer, and allocated to each employer in accordance with regulations prescribed by the Secretary.
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Some of the products we feature are from our partners. For most people, the choice of college savings vehicle is easy: Parents who start saving in a account when their children are young can take advantage of that tax savings, as well as compound interest and — in some states — a tax deduction on contributions.
Because of those tax advantages, plans do have a few rules, including guidelines around what qualifies as an education expense.
Only 12 states offer prepaid plans.
The beneficiary does not have control over the funds in the account. The vast majority of people do not need to worry about this; not only because they are unlikely to need to contribute that much per year to meet their savings goals, but also because of the unified credit.
More on that here.
Withdrawals made for purposes outside the rules will hurt: There is no penalty on the principal. There are a few exceptions: If the beneficiary receives a scholarship, you can withdraw funds equal to the amount awarded; the earnings will still be subject to taxes but there will be no additional penalty.
The bottom line For many families, plans will be the obvious choice for college savings. Most plans offer age-based investment options that will automatically rebalance, taking more risk as your child is young and less as he or she approaches college age.The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program.
It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings.
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