As the attached articile from CBC News states, the person involved went to the bank to set it up. More times than not the great customer service reps at the banks look at you funny when you say RDSP or even Registered Disability Savings Plan. There are even more financial planners out there that have no idea about this amazing program that anyone that qualifies should open…Immediately!
TO QUALIFY TO OPEN THE RDSP:
Have a valid Social Insurance Number (SIN)
Be under the age of 60. This means anyone from birth to age 59 can open one.
Qualify for the Disability Tax Credit (DTC). Sometimes difficult to get, but worth the effort as there are numerous benefits to having the DTC.
Reside in Canada. If you live anywhere in this amazing country, you qualify.
Retroactive grants and bonds to the time you qualified for the DTC or to 2008, whichever is later.
Up to $70,000 in grants available
Up to $20,000 in bonds available
Grants are “earned” by depositing money into the account
Bonds are “earned” for low income families/individuals without any deposits
There are rules, like any other registered plan, that you need to be aware of. If the person you are talking to is unaware of those rules, then it may become a fiasco when setting it up or understanding how to get the money out.
If you are interested in a one on one discussion of how the RDSP can help you or someone you know, or if you have a group that wants to know more, Steven Williams, is more than willing to present the information about the RDSP and answer any questions that you or your group may have. Contact him via The Small Business Group of Companies Ltd. @ 403.457.6221.