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...
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...
Top 10 Reasons to Open an RDSP
1. Receive up to $70,000 from the federal government in matching contributions. The federal government has implemented the Canada Disability Savings Grant program to assist Canadians with disabilities to save for their futures. The federal government will contribute up...
RDSP Reforms Become Law
Several reforms important to people with disabilities became law in mid-December when Bill C-47 (the last of the budget Bills) was passed by the Senate and given Royal Assent. In his budget, Finance Minister Flaherty announced carry forward provisions...
Minister Flaherty continues to promote access to the RDSP
The Honorable James Flaherty, Minister of Finance, has once again taken the initiative to ensure that people with disabilities are able to access the RDSP. You are probably aware that the Disability Tax Credit (DTC) is one of the...