RDSP: Most Generous, but Complex Savings Tool

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Last Saturday, there was a conference for families with special needs hosted by Community Living.  This was a whole day event, where speakers from numerous different industries had shared their expertise, which widened the view of many attendees. What kind of supports are available through the Ontario Disability Support Program (ODSP)? What are the benefits of using a Henson Trust in your estate planning? These are just some examples of the topics that were being discussed on that day. Not only that a lot of great insights were gained from this event, I also had chances to talk to many families with pro-longed disability. Throughout the conversations, I could understand more in-depth what these families are going through, and I realize not many of them are familiar with the Registered Disability Savings Plan. As one of the guest speaker pointed out, RDSP is definitely one of the plans with the most generous government grants and saving bonds, at the same time, it is also one of the most complex saving vehicles. Unfortunately, not every financial institution would provide adequate training to their staffs in regards to this plan. I’m sure more works are still need to be done.

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    • Valerie
    • April 10, 2013

    how or when could I enroll?

    1. Reply

      Thanks for your question, Valerie. To be qualified for the “Registered Disability Savings Plan” (RDSP), one would have to be eligible for the “Disability Tax Credit” (DTC) first. More details on the DTC could be found at SamuelConsultant.com/DTC

      Once you are approved with the DTC, you could open up the RDSP. However, the government grants and bonds will only be given until the year the beneficiary turns 49.

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