Registered Disability Savings Plan (RDSP)

**Nate** · #1 07-20-2010, 11:42 AM

RDSP information

Registered Disability Savings Plan

"If you or a family member qualifies for the Disability Tax Credit, then you should probably also be taking advantage of the RDSP - the Registered Disability Savings Plan.

This new plan was designed to offer a way to provide long-term private funding to people with disabilities. It was initially conceived by Canadian parents of special needs children who wanted to be able to put money aside for their children's adult years, in addition to an education savings account.

After a LOT of lobbying to the federal government, and after several years in planning, the Registered Disability Savings Plan was finally introduced by the Canadian government in 2008.
The next lobbying efforts have been aimed at provincial governments. Typically, provincial governments treat disability payments as a type of welfare - meaning that recipients can only receive money if they prove they're truly destitute. In the case of people with disabilities, recipients often qualify for benefits and special funding for equipment, but only if certain conditions are met.
The hope is that provincial disability payments and benefits would not be clawed back by amounts that are received from the disability savings plan - otherwise what would be the point? Losing the ability to have a motorized wheelchair, for instance, could mean the difference between being mobile or being stuck at home or in an institution.
Luckily, provincial governments are slowly coming on board, and a number of provinces have already decreed that the RDSP payments won't result in a clawback of other payment.
The RDSP is an ambitious project, and long overdue. But, the way it was designed is fairly complex. So, I'm gathering together information to try and help you sort things out, as well as giving you the links to the 'official' information of the Registered Disability Savings Plan.
You'll also see ongoing news as it evolves and even have a chance to share stories of your experiences too - so stay tuned. Be sure to bookmark this page, or subscribe to this site to stay on top of the RDSP developments..."

Click on the link for the full article:
http://www.special-need-child-canada.com/rdsp.html

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