Get Help Facing the Financial Challenges of a Disability

Brenda Switzer — CFP®, RIS, Wealth Specialist, Credential Asset Management Inc.
Brenda Switzer
Brenda Switzer

CFP®, RIS

Wealth Specialist

Credential Asset Management Inc.

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If you or a loved one has a disability, you may face financial challenges throughout your life.

A Registered Disability Savings Plan (RDSP) can make it easier to accumulate funds for you and your family.

Registered Disability Savings Plans

The Government of Canada introduced RDSPs in 2008 to help you or your loved one save for the future, be more independent, and give your family peace of mind about meeting financial needs.  To be eligible for a RDSP you must:

  • Be a Canadian resident
  • Be under the age of 60  
  • Be eligible for the Disability Tax Credit
  • Have a valid Social Insurance Number

Investment options for RDSPs are the same as other registered products. 

Contributions made to the RDSP aren’t tax deductible but the earnings on the contributions grow tax-free within the RDSP.  The lifetime contribution limit is $200,000.

Disability Assistance Payments

Withdrawals from RDSPs are known as disability assistance payments and there are two types:  Lifetime Disability Payment and Disability Assistance Payments.

Lifetime Disability Payments can begin at any age but must start by the end of the year that the beneficiary turns 60.

Disability Assistance Payments are lump sum payments made to the beneficiary or the beneficiary’s estate.

Federal Grants and Bonds

In addition, the government will pay federal grant and bond money to the RDSP based on family net income. 

The grant and bond program could help you earn up to $3,500 extra dollars per year. 

The RDSP is eligible for grants and bonds until the year the beneficiary turns 49.

Innovation Wealth can help

A RDSP can alleviate any stress you are feeling about the financial challenges a disability can create. Ask a wealth professional how you can get started today.

Mutual funds and related financial planning services are offered through Credential Asset Management Inc.

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