Ontarian with Special Needs

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Can RESP Rollover To RDSP?

We work with many children with special needs. One of the questions often arise from their parents is they already have set up a Registered Education Savings Plan (RESP), but they do not expect their children could pursue in studying post-secondary education due to their disability condition, in such scenario, can they transfer the RESP…

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ODSP real estate

10 Steps For ODSP Receipents To Own A Home

Owning a home is one of the common financial goals for many Canadians. For people who are receiving the benefits from the Ontario Disability Support Program (ODSP), purchasing a property as their primary residence could involved more complex planning. The ODSP has many specific rules, without careful planning in advance, making any financial move could potentially affect…

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RDSP anti-avoidance

Anti-Avoidance Rules For Registered Disability Savings Plan (RDSP)

In the 2017 Federal Budget, there are a number of proposals that could impact the financial, tax and estate planning of Canadian. For families with disabilities, there is an improvement when applying for the Disability Tax Credit. Here’s the update about the Disability Tax Credit: http://samuelconsultant.com/disability-tax-credit-2017-update/ Also, the anti-avoidance rule will also be extended to the…

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Disability Tax Credit Update

Disability Tax Credit 2017 Update

  There has been a number of changes in the 2017 Federal Budget. One of them pertains to the Disability Tax Credit. If one could recall, Disability Tax Credit is a non-refundable tax credit for Canadians who have prolonged physical or mental disability. It is designed to reduce the amount of income tax that the disabled…

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FAQ on Ontario Disability Support Program (ODSP)

Below are some common questions that we came across regarding the Ontario Disability Support Program (ODSP). For more details in how to apply for the ODSP, please refer to one of our earlier blog posts. http://samuelconsultant.com/ontario-disability-support-program-odsp/ If there are any questions that you would like to clarify about the ODSP, please leave us a message at http://samuelconsultant.com/contact/. We’ll do our best…

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Our Top 7 Solutions To Common Barriers In Building Up Your RDSP Savings

I have been working with different families in putting more money into their long-term savings through the use of the Registered Disability Savings Plan (RDSP) since 2008, which was basically when the program was first introduced by the Government of Canada. Although many families took my advice and already obtained thousands of dollars in grants…

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rdsp 2017 updates

FAQ about Registered Disability Savings Plan (RDSP)

  RDSP – Account Level Questions: What is Registered Disability Savings Plan (RDSP)? Who is eligible to setup a RDSP account? How do I apply for the disability tax credit? What are the key benefits of RDSP? Who will be the people involved with the RDSP account? Who can be the RDSP account holder? Can there…

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RDSP age of majority

3 Things To Look Out For When RDSP beneficiary Reaches Age Of Majority

1) Find out who should be the RDSP account holder The account holder is the person who could make all the decision regarding the Registered Disability Savings Plan. (i.e.: Decision on investments, contributions, withdrawal). It is important to assign an account holder who could make legal and rational decision on behalf of the beneficiary. According to the current…

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RDSP competent

How To Plan For Disabled Adults Who Are Unable To Manage Their Finance?

When the disabled person is under the age of majority, there is relatively less restriction in managing for their finance. Typically speaking, the legal parents could manage on behalf of the child. It is when the child reaches the age of majority, and is not contractually competent, then there would be more procedures involved. (Note:…

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no money rdsp

Where Could I Find The Money To Make The RDSP Contribution?

One of the key benefits of having the Registered Disability Savings Plan (RDSP) is the ability to attract the Canada Disability Savings Grants (CDSGs). This is a matching grant from the government to enhance the savings for the disabled person. For example, for a beneficiary where their family net income falls below the first income…

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