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Registered Disability Savings Plans

    The Federal Government introduced Registered Disability Savings Plans ( RDSPs) in 2007. The Purpose of these Plans is to help Parents and Others Save for the Long-Term Financial Security of a Child with a severe Disability .Disabled Persons can also set the Plan up for Themselves if they have the Capacity to do so.

    The Beneficiary must be a Canadian -Resident when the Plan is opened and when each Contribution is made to the Plan.

    The RDSP Contribution Lifetime Limit is $200,000 and Contributions can be made until the Beneficiary is age 59.

    Arguably the most attractive feature of RDSPs is the availability of Government Funds deposited directly into the Plan in the form of matching Canada Disability Savings Grants and Canada Disability Savings Bonds. Contributions in the Form of Canada Disability Savings Grants ( CDSGs) up to $3500 annually, $70,000 Lifetime and Canada Disability Savings Bonds( CDSBs) up to $1000 annually, $20,000 Lifetime may be available based on Family Income. CDSGs and CDSBs are available until age 49.

    If a Beneficiary no longer qualifies for the Disability Tax Credit, ( DTC). dies, or withdraws Funds before age 60, the Assistance Holdback Amount must be repaid to the Government.

    Upon Death , Parents and Grandparents of a financially dependent Child or Grandchild with a Disability can transfer up to $200,000 Tax -Free, from an RRSP, RRIF or Pension Plan.

    In most of Canada, RDSP Assets and Withdrawals will not affect the Eligibility for Government Benefits.

    RDSPs must be considered in the Context of Traditional Trust Planning for Persons with Disabilities.

          Please contact me today:

          Ronald C. Sparkes, CFP,CLU,CH.F.C.
          Chartered Financial Consultant

          Bus:    +1.709-576-1669
          Cell:    +1.709-682-3100
          Fax:    +1.709-576-1832