HELPING YOURSELF OR FAMILY MEMBERS WHO ARE DISABLED

In Canada, once you have applied and been approved for the disability Tax Credit (DTC) from the Canadian Revenue Agency (CRA) there are several programs available to help you. One of the most significant is the registered Disability Savings Program. To confirm. To get additional information about your status under DTC call 1 (800) 959-8281.

An RDSP is a registered savings plan established by the federal government to assist families in saving for the long-term financial security of individuals with severe disabilities. Government matching and extra funding for low-income beneficiary’s form part of the plan. Contributions to the plan are not tax deductible, but the earnings grow tax free while held in the plan. 

• Anyone can contribute to an RDSP with written consent of the account holder.

• The total lifetime contribution for each beneficiary is $200,000, with no annual contribution limits.

• Contributions can be matched, based on family net income, with up to $3,500 a year in Canada Disability Savings Grants (CDSG). In addition, they can receive up to $1,000 in Canada Disability Savings Bonds (CDSB) without any contributions being made.

• The money you contribute grows tax free.

• Savings and withdrawals do not affect federal or many provincial income tested benefits.

• You may apply for CDSG and CDSB back to the date of diagnosis, to a maximum of 10 years. The maximum grant for a single year per account is $10,500 and maximum bond is $11,000.

Source https://www.mackenzieinvestments.com/en/services/accounts/account-types/rdsp

For information about your RDSP status you can go to website www.canada.ca/RDSP or call 1 (866) 204-0357. 

The investment options available to an RDSP account are similar to those securities eligible to be held in an Registered Retirement Savings Account (RRSP). This flexibility can help build this account to provide the funds to live a better life. Let us show you how the Program works and the right securities for you to hold in your account. 

For more information contact Robert Miller