As announced in Budget 2011, the Government of Canada is inviting stakeholders to comment on the Registered Disability Savings Plan (RDSP) to ensure that RDSPs are meeting the needs of Canadians with severe disabilities and their families.
The review will seek input on a number of important topics that are crucial to the success of the RDSP. These include issues related to establishing plans, accessing plan savings, plan termination, and the administration of the RDSP program.
As part of the review, the Government of Canada has released a consultation paper. For a copy of the paper, and to learn more about how you can provide feedback on the RDSP, please visit the Department of Finance Canada website at: http://www.fin.gc.ca/n11/11-103-eng.asp
Please note that written submissions to this consultation will be accepted until December 16, 2011.
The Canada Disability Savings Program (CDSP) would like to announce the availability of a newly designed Registered Disability Savings Plan (RDSP) brochure – Helping People with disabilities save for the future.
RDSP Booklet (pdf) – Brochure sur le REEI (pdf)
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Dear Community Partner,
On March 4, 2010, the Government of Canada, through its Budget 2010, announced two enhancements to the Registered Disability Savings Plan (RDSP), grant and bond. We are pleased to advise that the legislation to enact these changes received Royal Assent on December 15, 2010. The ‘carry forward’ and ‘roll over’ provisions will provide Canadians with disabilities and their families with more flexibility when saving for the future.
Please find below some questions and answers that we hope will assist you in helping your members and clients to understand and benefit from these new provisions.
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Registered Disability Savings Plan (RDSP)
The Registered Disability Savings Plan (RDSP) helps Canadians with disabilities and their families save for the future. If you are a Canadian resident under age 60 and are eligible for the Disability Tax Credit (Disability Amount), you are eligible for an RDSP. Earnings accumulate tax-free, until you take money out of your RDSP. Parents or guardians may open an RDSP for a minor. With written permission from the holder, anyone can contribute to the RDSP.
Budget 2010 RDSP Changes
RDSP and You
Canada Disability Savings Grant
Through the Canada Disability Savings Grant, the Government deposits money into your RDSP to help you save. The Government provides matching grants of up to 300%, depending on the amount contributed and the Beneficiary’s Family Income. The maximum is $3,500 each year, with a limit of $70,000 over your lifetime.
Canada Disability Savings Bond
Through the Canada Disability Savings Bond, the Government deposits money into the RDSPs of low-income and modest-income Canadians. If you qualify for the bond, you could receive up to $1,000 a year from the Government, with a limit of $20,000 over your lifetime. Contributions do not need to be made to the RDSP in order to receive the bond.
Dear Friends:
If you are caring for a family member with a disability, then you should 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 to and help support families. 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.
Join us for a free tele-session to learn more about the RDSP.
You can also read and download the RDSP_Factsheet for more information about the RDSP.
The Care-ring Voice team
It is our pleasure to inform you that on July 6, the Government of Canada launched a National Campaign to raise awareness and promote take-up of the RDSP, Grant and Bond. The campaign will run to the end of July and will include radio and print information. The campaign will direct Canadians to disabilitysavings.gc.ca and 1 800 O-Canada for more information.
We invite you to visit disabilitysavings.gc.ca to read or listen to the advertisements. Click RDSP Advertising Campaign under Updates.
Best regards, RDSP Grant and Bond Outreach Team, Office for Disability Issues
As you may know, the Registered Disability Savings Plan (RDSP), and its matching Grant and income-tested Bond are now available to Canadians across the country through a few financial organizations.
The RDSP is a long-term savings vehicle to help parents and others save for the long-term financial security of a person with a severe disability. The Government of Canada will also make two types of contributions to the RDSPs of eligible recipients. The Government will pay matching Grants of up to 300 percent, depending on the beneficiary’s family income and the amount contributed. An RDSP may receive a maximum of $3500 in matching Grants in one year, and up to $70,000 over the beneficiary’s lifetime. The Government will also pay income-tested Bonds of up to $1000 a year to low and middle-income Canadians with disabilities, regardless of the amount contributed. For 2009, the Bond will be available to beneficiaries with family incomes under $38,832. The lifetime Bond limit is $20,000. The Grant and Bond can be paid into an RDSP until the year in which the beneficiary turns 49 years old.
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Below are the RDSP application and the grant form. Please use the grant form that is applicable to you depending on the age of the beneficiary (over or under 18 years old). Please feel free to fax the completed forms and the attached Terms & Conditions to 416 927 3511.
If you have any other questions or comments, please call our Investment Centre, open from 7:00 AM to 11:00 PM (Eastern) Monday to Friday and from 9:00 AM to 5:00 PM Saturdays at 1-800-665-7700.
Grant Form 18 and Over
RDSP Application
I am pleased to inform you that the Registered Disability Savings Plan (RDSP), and its matching Grant and income-tested Bond are now available to Canadians across the country through the BMO Bank of Montreal. Société de gérance des Fonds FMOQ Inc. is also offering the RDSP, Grant and Bond to residents of Quebec. More financial institutions are expected to begin offering the RDSP, Grant and Bond in the coming months. Please visit our website regularly for updates.
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Important Message to the Brain Injury Association of Canada Community
BMO-Bank of Montreal Welcomes Extension of 2008 RDSP contribution deadline; Phones at BMO call centre ringing off the hook as people with disabilities and parents of children with disabilities eager to open RDSP accounts.
TORONTO, December 23, 2008 “BMO” Bank of Montreal applauds the federal government’s decision to extend the deadline for opening a Registered Disability Savings Plan, making contributions and applying for the matching Grant and the income-tested Bond for the 2008 contribution year to March 2, 2009.
BMO Bank of Montreal is the first bank to offer Canadians the RDSP, a new federal government initiative introduced to enhance the long-term financial security of people with disabilities.
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