PLAN has created a new site – www.rdsp.com. It’s the go-to site for information about Canada’s new registered disability savings plan and the accompanying Canada Disability Savings Grant and Bond.
Many people will be able to open and manage their own Registered Disability Savings Plans. Some people, however, will have difficulty doing it on their own. You can open an RDSP on behalf of an adult family member if you are their legal representative.
Fortunately for British Columbians we have representation agreements, which are tailor made for this. A representation agreement is a legal tool by which people, including those who might not be deemed to have legal capacity, can designate people to assist them with their financial affairs. You can get more information about representation agreements at the Nidus Personal Planning Resource Centre (www.nidus.ca). PLAN will also be offering a web-based course to assist you to do a representation agreement in March (www.plan.ca).
In other parts of Canada, the solution is not so clear. We are seeking solutions that will enable family members to assist adults with disabilities (who might not have legal capacity) to open a plan without applying for adult guardianship. We’ll post updates as we find solutions on www.rdsp.com so check back often or sign up for free updates.
If you join the new R.D.S.P. (Registered Disability Savings Plan), you will receive $1,000.00 just for getting your application into the plan. Remember that you have to fill out a Disability Tax Credit to qualify.
By Nellie Wong
If you are interested in saving money for your future make sure to set up a Registered Disability Savings Plan. This tax-deferred savings plan is becoming available this December and will provide generous Government Grants and Bonds for anyone wishing to take advantage of the offer. This plan can provide up to $3 for every $1 contributed to the plan, and can provide $1,000 yearly for simply setting up a plan.
If you are going to set up an Registered Disability Savings Plan make sure to do two things:
1) Make sure you qualify for the Disability Tax Credit (form T2201) from the Canadian Revenue Agency (eligibility criteria to receive the plan); and
2) File a 2007 income tax return (even if you have no income).
For more information you can visit www.rdsp.com
Canadians with disabilities and their families have a new financial tool with which to secure their financial futures: a Registered Disability Savings Plan. The deadline of December 31, 2010 is looming large for 2010 contributions.
You can get information about the RDSP at the blog www.rdsp.com and at the PLAN website www.plan.ca.