If you would like easy to understand information on the new Registered Disability Savings Plan please visit www.rdsp.com.
Now that the Registered Disability Savings Plan has been available for almost half a year, it would be interesting to hear what type of experience people have had:
- Accessing information about the RDSP
- Trying to get the Disability Tax Credit
- Figuring out who can manage the plan
- Applying through the financial institutions
- Setting up the plan
- Contributing to the plan
- Telling others about the plan
Over the past few months I have heard some really interesting stories about people setting up RDSPs, or trying to set up RDSPs. Some of these stories have been wonderful and uplifting, while others have been frustrating. As the first plan of its kind in the world, there are still many things that need to be done in order to ensure everyone who can benefit from the plan is able too.
With the limited amount of information currently available for someone looking to set up an RDSP, and much confusion as to how the plan actually works, telling your story may really help someone who is in the same situation you are.
If you have a spare moment in your day, post a story here about your experience with the RDSP. By doing this you can help us understand how the plan is working for people, and what are the key issues that need to be addressed.
To start off, I will tell a story about a friend of mine who wants to set up an RDSP.
Beth (not her real name) had been planning to set up an RDSP on December 1st, 2008, the first day the RDSP became available. I had run through the plan with her and explained how she might be able to benefit from it, and Beth was clearly looking forward to “cashing in” (her words) on this opportunity. She came on to my RDSP telephone seminar a few times and got to know the plan so well that a few times I had to go back to my notes in order to give her an answer to her questions.
Unfortunately for Beth, her eligibility for the Disability Tax Credit was in question. Beth had been seeing the same doctor she had since she was young, until she moved, at which point she had to find a new doctor. As a result, her new doctor was not aware of her history as well as her old one. This meant filling out the Disability Tax Credit was quite the ordeal for her. We had to go back several times and explain to her new doctor why she was eligible.
Eventually, we were able to get everything filled out and sent off to CRA, but we are still unsure of her status and whether she will receive it. From a lot of the e-mails I get, I hear that others have had this problem as well. I’m hoping that Beth gets the credit, as she could receive it retroactive for the last few years, which would hopefully give her some money towards her RDSP.