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Registered Disablility Savings Plans
January 5, 2009
I have some important news for families caring for dependants with severe disabilities. Our government has just introduced the Registered Disability Savings Plan (RDSP) for persons with a severe disability. RDSPs have been created to help parents and others set aside funds to financially support a child with a severe disability. The RDSP is a tax-assisted savings plan. Contributions to an RDSP will not be deductible, nor will they be included in income when withdrawn. Investment income, grants and bonds are included in the income of the beneficiary when withdrawn from an RDSP. To maximize the effectiveness of RDSPs and ensure that payments from the plan supplement rather than reduce income and benefits from other sources, amounts paid out of RDSPs will not affect federal income-tested benefits and credits such as the Canada Child Tax Benefit, the Goods and Services Tax Credit and Old Age Security.
We estimate that 280,000 Canadians are eligible to open an RDSP. Individuals who qualify for the disability tax credit, their families and others may save for the long-term financial security of a person with a severe disability by contributing to an RDSP. These contributions will be matched with Canada Disability Savings Grants of up to $3,500 per year from the Government of Canada. In addition, the Government of Canada will also contribute a Canada Disability Savings Bond of $1,000 each year into an RDSP for families with incomes under $37,885. Each RDSP has a lifetime contribution limit of $200,000 from the family and $70,000 from the government.
Our government has extended the application period for the 2008 RDSP Grant and Bond through March 2, 2009 to provide people with disabilities and their families more time to access the 2008 matching Grant and income-tested Bond. Contributions made on or before March 2, 2009 will be considered for 2008 Grants. These Grants will not be included in 2009 Grant limits. Bond applications made on or before March 2, 2009 will be considered for Bonds in 2008, 2009, and in future years. The Bond, once paid, will continue to be paid automatically in subsequent years if the Beneficiary remains eligible.
RDSPs are an important new tool to ensure greater financial stability for those that need it most. It is important that we, as Canadians, take care of our most vulnerable citizens. These new RDSPs move us toward closer to that goal.
For additional information on RDSPs, please call our office at (866) 878-5556.
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