Registered Disability Savings Accounts - February 18th, 2010 5:15- 6:30

Canadians with disabilities have long sought a means of building wealth beyond registered retirement savings plans, while parents have sought ways to ensure a secure financial future for children with disabilities. Now, individuals who qualify for the federal Disability Tax Credit (DTC) can take advantage of the latest in savings vehicles, the Registered Disability Savings Plan (RDSP).

The RDSP allows you to contribute up to $200,000 to the plan. What’s more, earnings on your contributions grow on a tax-deferred basis for as long as they remain in the RDSP. Plan beneficiaries also may be eligible for additional benefits and incentives in the form of the government’s Canada Disability Savings Grant (CDSG) and Canada Disability Savings Bond (CDSB). Beneficiaries may qualify for up to $3,500 per year in CDSG, to a lifetime maximum of $70,000. In addition to the grant, lower-income families and beneficiaries may also qualify for up to $1,000 a year in CDSB, to a lifetime maximum of $20,000. The RDSP is the only savings vehicle that caters specifically to Canadians who qualify for the DTC. It was designed to help Canadians save and build a financial nest egg quickly and effectively.

Refreshments will be served.

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