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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Why People Are Saying RDSP Is For Long Term Savings?

Investing for disabled Canadians in the long haul In many of my previous posts about the RDSP planning, I repeatedly emphasized this savings plan is for long term investing. But how many years are we talking about? To better illustrate the idea, let me show you 2 scenarios:   Jack, 45 years old male with…

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What Happens If The RDSP Account Holder Or Beneficiary Passes Away?

I recently had a meeting with a parent whose daughter is diagnosed with pro-longed disabilities. Since the daughter is incapable of making her own financial decision, her father becomes the account holder of her Registered Disability Savings Plan, while the daughter is setup to be the beneficiary. During our discussion, the father raised up two…

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Where Could I Find Out The Status Of My RDSP Grants and Bonds?

To find out the amount of disability savings grants and bonds one is entitled to involves many complex calculations. Factors such as the date that the disability tax credit is approved, the net family income, the contribution amount and when the contribution is made are needed to be considered when doing the calculations. Is there…

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Obtain Disability Savings Benefits By Filing Your Income Tax

  I have came across a question from a person with special needs: “I already setup the RDSP, but why I haven’t seen the grants and bonds being deposited into my account?” If you recall the benefits of setting up a Registered Disability Savings Plan (RDSP), the Canada Disability Savings Grants (CDSG) and the Canada…

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How many RDSP account could I have?

Could I have more than one RDSP account? I received this question from one of my email subscribers two weeks ago. The simple answer is no. Under the current rule, each beneficiary with prolonged disability may only have one RDSP at any given time. I believe this setup is to avoid confusion, especially when trying…

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Canada Disability Savings Bonds (CDSBs)

Is the Registered Disability Savings Plan (RDSP) only for the wealthy families? In my previous posting, we have discussed over the Canada Disability Savings Grants (CDSGs). Although it is one of the most generous matching grant from the government of Canada, it often leads to the question: “If a family is earning low-income, and unable…

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How To Receive Thousands Of Dollars In Canada Disability Savings Bonds From The Government?

Canada Disability Savings Bonds For Low Income Families Image courtesy of manaemedia at Not too long ago, I had a meeting with a client, she is a single mom to a daughter with autism. During our conservation, she revealed that she is unemployed and does not have much savings. However, she really hopes that…

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Turning $12,000 Disability Savings into $40,000 in three years

RDSP Example: Last November, I did a RDSP workshop for families with special needs. During the presentation, I illustrated an example of how contributions toward the Registered Disability Savings Plan could bring in huge benefits from the government. Many attendees were astonished after we went through the calculations together. Below is an example I recently read from an article on…

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What will happen to the RDSP when beneficiary is recovered?

I recently received a question from a parent about the “Registered Disability Savings Plan“. Her question is if my child who currently is eligible for the “disability tax credit” later on recover, upon the loss of the eligibility, what would happen to her RDSP account. I quickly did some researches on this issue, and below…

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