The Disability Savings Plan took a huge step towards reality in December, 2006. An Expert Panel established by Minister Flaherty recommended the creation of a Disability Savings Plan; a Disability Savings Grant and a Canada Disability Bond.
The recommendations, if implemented, will be the most significant federal initiative for families of people with disabilities in 25 years: up to three quarters of a million Canadian families would benefit.
The next step in achieving a Disability Savings Plan will be its inclusion in the next Federal Budget. “Federal Finance Minister Jim Flaherty expects the next budget will include a plan to allow parents of severely disabled children to set aside up to $200,000 tax-free for their care” – Globe & Mail, December 14, 2006.
Minister Flaherty also discussed the plan with provincial finance ministers in mid-December. Provincial reforms are essential to ensure that family contributions are not clawed back by provincial disability income programs. Leading the way, BC Finance Minister, Carole Taylor, has signaled support for the Disability Savings Plan.
Highlights of the Recommendations
Read the Expert Panel’s Report