Do you have someone under your care who can't function independently? Do you want to be able to plan for their future?
A Registered Disability Savings Plan (RDSP) can help do that. A registered disability savings plan (RDSP) is a savings plan that is intended to help parents and others save for the long term financial security of a person who is eligible for the disability tax credit (DTC).
Unlike an RRSP, an RDSP is not tax-deductible. But it does have several key features:
- Parents and Grandparents can transfer their RRSP to their child or grandchild's RDSP plan upon their death tax deferred -- the tax wouldn't be owing until the child took it out
- RDSPs don't affect Assured Income for the Severely Handicapped (AISH) payments (for owners of Alberta RDSPs)
- Current government matching grants are up to 300% of your contributions -- for example, if you put in $3,500 you could get $10,500 in matching grants
- The Registered Disability Savings Plan can be a very valuable tool in preparing for your disabled child's future!
Contact us today to see how we can help protect the financial security of your disabled child or grandchild!
Registered Disability Savings Plans (RDSP) are distributed through Desjardins Financial Security Investments Inc. (DFS Investments) Mutual funds are distributed through Desjardins Financial Security Investments Inc. (DFS Investments)
Mutual Funds are a basket of products (stocks, bonds, cash holdings, etc.) that are professionally managed, allowing diversification, liquidity and flexibility.
Registered Retirement Income Fund (RRIF)
When it comes time to draw an income out of your RRSP, how do you do it?