If you are 47 and don’t open the RDSP before the end of the year, you lose out on $7,000 in possible govt grants.
If you are 48 or 49 and don’t open the RDSP before the end of the year, you lose out on $10,500 in possible govt grants.
At least the 47 year old can still get a possible $21,000 in grants when they are 48 and 49, but would lose $7,000 in grants if not opened in time.
Still not too bad for the 48 year old, they can still get the possible $10,500 next year, but will have lost out on $10,500.
For the 49 year old, you can kiss any grants goodbye, if you do not open and fund the RDSP before Dec 31, 2013.
Even if you don’t qualify yet for the Disability Tax Credit, get the RDSP open now. Why wait an extra year or two to collect on the available grants that are available to you? Those grants will start flowing in shortly after the DTC has been approved.
As long as your deposit has gone in before Dec 31, those grants applicable to that deposit will go in regardless of when the rest of the requirements are approved to quailify for the grants.
How many other different ways can I say this? Get your RDSP open sooner than later. Don’t leave money on the table that you could have put in your pocket.
Call us, as our RDSP expert can meet with you and get it set up before the deadline. Best of all, there is no charge.