How to go about securing the best savings strategy in Canada.
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How to open an RDSP
– moneysense.ca
Jason Heath gets a lot of calls from clients about registered disability savings plans (RDSPs). Many are interested in setting up the plan, a tax-deferred savings vehicle for people with disabilities, because they’ve heard about the generous grants they can qualify for. The Canadian government will pay matching grants of 300%, 200% or 100% into an RDSP—to a maximum of $3,500 a year and $70,000 in a lifetime—depending on the beneficiary’s adjusted family net income and the amount that has been contributed. The government will also pay bonds to low-income individuals.
But many clients are also confused about the myriad steps to set up an RDSP. “I recently opened one up myself for a family member,” says Heath, managing director of Objective Financial Partners, Inc. in Markham, Ont., and a columnist with MoneySense. “I’m well versed in this area and it was still painful. There are lots of steps. For a lot of people, it makes their heads spin.”
Despite the complexity of setting up an RDSP, Heath is a big believer in the benefits of the plan…
