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Q: I have deposited some money into the National Education Savings Scheme (SSPN) for my children’s education, but I have also withdrawn part of the deposited money during the year. Can I claim tax relief based on the amount deposited?

A: No, the amount eligible for SSPN tax relief is only the net amount deposited during the year, i.e. total amount deposited minus the total amount withdrawn during the year.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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