RDSP #2: RDSP Government Contribution (Grants & Bonds) Age Limit
The age limit to receive a RDSP grant and/or bond was indentified by families as the second most challenging barrier to the RDSP. Individuals with an RDSP don’t qualify for the government grants or bonds if they are over 49...
RDSP Barrier #3: Emergency Withdrawals
Throughout our “Top Ten RDSP Barriers” series, we often compare the RDSP to similar savings vehicles such as RRSP’s or RESP’s. For the most part, this comparison serves us well and exposes the inequities between disability and non-disability related...
RDSP Barrier #4: Average Lifespan and the Lifetime Disability Assistance Payments (LDAP)
Lifetime Disability Assistance Payments (LDAP) are scheduled payments that can be made to the beneficiary from their RDSP. There are various types of RDSP payments; all with different kinds of restrictions that discourage early RDSP withdrawals. The LDAP is...
RDSP Barrier #5: Creditors
Wait a minute….what’s a creditor? A creditor is person or business that extends credit or loans. Creditors can be either “personal” or “real”. People who loan money to friends or family are personal creditors. Real creditors (i.e. a bank or finance company) have legal contracts...
RDSP Barrier #6: Inability To Appoint a New Beneficiary
What happens to the money in a RDSP if plans change? Unlike the Registered Retirement Savings Plan (RRSP) or the Registered Educational Savings Plan (RESP), an RDSP may only name one beneficiary and it can never be transferred to...
RDSP Barrier #7: Disability Tax Credit Eligibility
The Registered Disability Savings Plan (RDSP) was launched in December 2008 after a decade of community groups and government working together. The combination of individual/ family and government financial contributions into an RDSP helps people with disabilities to grow,...
2011 Budget Recognizes More Needed for People with Disabilities and Families
A recent Press Release from the Canadian Association for Community Living comments on the new Federal Budget. The Canadian government commits to enhancing support for families and caregivers by improving the RDSP and labour market outcomes. Click here: CACL Press...
RDSP Barrier #8: Contractual Competency – Should someone lose their decision-making rights, just so they can open an RDSP?
The Registered Disability Savings Plan (RDSP) was launched in December 2008 after a decade of community groups and government working together. The combination of individual/ family and government financial contributions helps people with disabilities to grow, manage and control...
RDSP Barrier #9: Re-applying to the disability tax credit once it expires
Rule: The Disability Tax Credit (DTC) eligibility is based on the disability lasting consistently for 1 year or more The DTC is a doorway to the RDSP – people must qualify for the DTC before the can open a...
RDSP Barrier #10: Income tests and asset based benefits
The Rule: the RDSP may count as income or asset in eligibility tests for programs, services &/or benefits. In most provinces across Canada the income earned from an RDSP will not affect eligibility to benefits. This means people can...