If you would like easy to understand information on the new Registered Disability Savings Plan please visit www.rdsp.com.
Are you hoping to get the 2009 Grant for your Registered Disability Savings Plan?
Many of you will remember that to get the 2008 Grant deposited into your RDSP you had to make sure to contribute by March 2nd, 2009. Notice – This was unique for 2008 Grants. For 2009 Grants, you will be required to contribute by December 31st, 2009. If you do not contribute before this time, any contributions you contribute in 2010 will be for 2010 Grants and will not be applicable to 2009.
Why has the deadline for Grants changed from 2008 to 2009. As many of you may recall, the 2008 contributions were originally supposed to be received by December 31st 2008 in order to get the 2008 Grant. As BMO was the first bank to offer RDSPs, and did not begin to offer them until late in December of 2008, that left little time to get your RDSP set up and your 2008 contributions in. In response, the Finance Minister extended the deadline to March 2nd, 2009 to make sure there was enough time for people to open a plan and contribute for 2008.
This was for 2008 only! Make sure to contribute every year by December 31st to get your Canada Disability Savings Grant for that year.