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Canada Has New Plan To Help Families With Disabled Member

Posted on Oct 05, 2007

A new plan known as the Registered Disability Savings Plan will be available for Canadians in 2008. The purpose of this plan is to help families improve the future financial security of a family member that has a disability. The family of the disabled person will soon receive help in their ability to save money. In fact, those that do not have spare cash to put into savings might receive help in the form of the federal government making RDSP deposits for them. A family with a low income (under $37,178) is able to qualify for a Canada Disability Savings Bond (CDSB) of up to $1,000. Complimentary RDSP deposits such as these are available each year for up to 20 years. The federal government will add a matching Canada Disability Savings Grant to Canadians with family incomes under $74,357 who deposit $1,500 per year of their own money into the RDSP. Those matching government grants would be available until the end of the year the disabled beneficiary turns 49. By making regular deposits for 25 years made by the families should be able to accumulate well over $100,000 for their RDSP beneficiary. This nest egg could help pay for care for a financially dependent child after the parents have retired or died. The RDSP investment income is not taxable to the beneficiary until withdrawals begin, therefore money can grow quickly.

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