What is a Registered Disability Savings Plan and how can it work for you?

Many of us are worried about retirement, but when you add in the extra pressure of caring for someone you love living with a disability, many of us don't even know where to begin.

In January, 2008 the federal government launched the Registered Disability Savings Plan which helps families save for long term security for a person who is eligible for the disability tax credit.

Our son was diagnosed with Autism at the early age of 2 and fortunately we were able to get funding from the government for treatment, but that can quickly be taken away and is reduced significantly when he turns 6. Our son will live with this disability his entire life and we want to ensure we are able to care for him if he's not able to care for himself as he gets older.

Why work with DuMoulin Financial? We know first hand the struggles people go through when they have a child or family member with a disability.

Let us help take at least some of the pressure off by helping you work out a plan and setting up the Registered Disability Savings Plan (RDSP). There are not a lot of companies that offer RDSP's, however we do see the banks offering them. Don't leave your loved one in the hands of a teller.


Who is eligible?

Any person who:

  • is eligible for the Disability Tax Credit
  • is a Canadian Resident
  • is under 60 years of age (if 59, you must apply before the end of the year)
  • has a social insurance number.


How much can you contribute?

The life time limit is $200,000, with no annual limits.


Government benefits

The government may pay a matching Canada Disability Savings Grant up to $3,500 a year in contributions.