2011 Budget Recognizes More Needed for People with Disabilities and Families
A recent Press Release from the Canadian Association for Community Living comments on the new Federal Budget. The Canadian government commits to enhancing support for families and caregivers by improving the RDSP and labour market outcomes. Click here: CACL Press...
RDSP Barrier #8: Contractual Competency – Should someone lose their decision-making rights, just so they can open an RDSP?
The Registered Disability Savings Plan (RDSP) was launched in December 2008 after a decade of community groups and government working together. The combination of individual/ family and government financial contributions helps people with disabilities to grow, manage and control...
RDSP Barrier #9: Re-applying to the disability tax credit once it expires
Rule: The Disability Tax Credit (DTC) eligibility is based on the disability lasting consistently for 1 year or more The DTC is a doorway to the RDSP – people must qualify for the DTC before the can open a...
RDSP Barrier #10: Income tests and asset based benefits
The Rule: the RDSP may count as income or asset in eligibility tests for programs, services &/or benefits. In most provinces across Canada the income earned from an RDSP will not affect eligibility to benefits. This means people can...
Introducing the “Top Ten RDSP Barriers”
As we approach the 3-year anniversary of the RDSP we’d like to reflect on the stories and the insights that you’ve shared with us regarding your RDSP experience. One way we’ll be doing this is by posting the top...
What if I need money from my RDSP?
The single most often asked question about the RDSP is, "What if I need money from my RDSP before ten years after the last federal government contribution?" This question is reflective of two issues. 1. A Design Flaw The...
Forced Savings Puts Inertia on Your Side
I came across this article in the Financial Post yesterday- and thought it interesting. In pre-approved withdrawals, people begin to forget about that money and adjust their budgeting to accommodate the $25 less (or whatever the amount is). For...
Dispelling the Myths #3: RDSP Withdrawals
There are several common misunderstandings about withdrawals from RDSPs. It is, however, a critical thing for a contributor to understand. After all, at some point the idea is to use the funds for the beneficiary. That people are confused...
Taxation of RDSP Payments to Aboriginals—by Joel Crocker
On August 4, 2010, PLAN submitted a ruling to CRA. Earlier that month, we had connected with BC Aboriginal Network on Disability Society and CLBC to talk about how the RDSP might be received by Aboriginal Canadians. There was...
RDSPs versus Trusts: Scenario 1 (Nicholas)
A trust, an RDSP or both? Scenario 1 - Nick in BC. Continue reading →