Background on the RDSP
RDSP: A World’s First
The Registered Disability Savings Plan is a savings plan designed specifically for people with disabilities in Canada. The first of its kind in the world, this new tax-deferred savings vehicle will assist people with disabilities and their families in planning for long – term financial security.
Canada is the first country in the world to have a Registered Disability Savings Plan (RDSP). The RDSP will help people with disabilities secure a strong financial future. An estimated 500,000 people across Canada will benefit from this initiative, and future impacts of the RDSP go well beyond a simple planning tool. So far, since first becoming available in 2008, over 150,000 RDSPs have been opened.
The RDSP is a magnificent advance in the journey to end poverty for people with disabilities. On its own, it offers people with disabilities a chance to accumulate savings and to use them without fear of clawbacks by income and disability assistance programs.
This is only the beginning.
One of a Range of Planning Tools
Although the Registered Disability Savings Plan is an exciting tool that will go a long way towards improving future financial security, there is still a need to look at the full range of planning options available, including wills, trusts, and estate planning, supported decision-making. If you are interested in learning more about any of these topics, click here to find a variety of information offered by Plan Institute and PLAN.