RDSP Barrier #3: Emergency Withdrawals
Throughout our “Top Ten RDSP Barriers” series, we often compare the RDSP to similar savings vehicles such as RRSP’s or RESP’s. For the most part, this comparison serves us well and exposes the inequities between disability and non-disability related...
RDSP Barrier #4: Average Lifespan and the Lifetime Disability Assistance Payments (LDAP)
Lifetime Disability Assistance Payments (LDAP) are scheduled payments that can be made to the beneficiary from their RDSP. There are various types of RDSP payments; all with different kinds of restrictions that discourage early RDSP withdrawals. The LDAP is...
RDSP Barrier #5: Creditors
Wait a minute….what’s a creditor? A creditor is person or business that extends credit or loans. Creditors can be either “personal” or “real”. People who loan money to friends or family are personal creditors. Real creditors (i.e. a bank or finance company) have legal contracts...
RDSP Barrier #6: Inability To Appoint a New Beneficiary
What happens to the money in a RDSP if plans change? Unlike the Registered Retirement Savings Plan (RRSP) or the Registered Educational Savings Plan (RESP), an RDSP may only name one beneficiary and it can never be transferred to...