August 14, 2023

What makes me, or my loved one, eligible for the RDSP (Registered Disability Savings Plan)?

"The Registered Disability Savings Plan (RDSP) is a tax-deferred savings vehicle introduced by the Government of Canada to help Canadians with disabilities and their families save for their long-term financial security."

Unfortunately, many Canadians who live with a disability aren't getting the financial help they may need. It has been projected that only 35% of those who can qualify for the RDSP have opened one, since the program was established.

If you, or a loved one, face the challenges of living with a disability, it may be helpful for you to know whether or not you may be eligible to take advantage of the RDSP before you take the next steps towards qualification.

To qualify for the RDSP, you must: 
1. Be eligible for the Disability Tax Credit 

2. Be a resident of Canada 

3. Be less than 60 years of age 

4. Have a valid Social Insurance Number (SIN)

*Note: the Disability Tax Credit (DTC) mentioned in point #1 above may be "available if you have mental or physical impairments that markedly restrict your ability to perform one or more of the basic activities of living, such as speaking, hearing or walking. The impairment must be expected to last for one or more years, and a physician or nurse practitioner must certify the extent of the disability."

If you have any questions about exploring the advantages for the RDSP for yourself, or a loved one, please reach out to one of our advisors in Huntsville, Powassan, North Bay, Parry Sound or Orillia, today.

- Spire Advisors of Assante Capital Management Ltd.