B.C. is declaring October 2014 as the first Registered Disability Savings Plan (RDSP) Awareness Month to help raise awareness among people with disabilities, their families and friends about the benefits of RDSPs as a tool to save for the future.
The RDSP is a long-term-savings plan designed by the Government of Canada to help people with disabilities and their families save money for the future.
The federal government will match every $1 contributed to an RDSP with up to $3 in Canada Disability Savings Grants for eligible households. The maximum grant is $3,500 each year, with a lifetime limit of $70,000. Some low-income families may be eligible to receive a $1,000 Canada Savings Bond each year, up to $20,000. No personal contribution is required to receive the bond. The income inside the plan is allowed to grow tax-free until the money is withdrawn, with no restrictions on how it can be spent.
B.C. was the first province to support the RDSP. Part of this included ensuring that money held in or paid out of an RDSP does not affect people’s income or disability assistance. People in B.C. have nearly 20% of all RDSPs in Canada.
Financial security is one of the commitments in Accessibility 2024, a 10-year action plan to make B.C. the most progressive place in Canada for people with disabilities. A key goal of this plan is for B.C. to have the highest savings rate for persons with disabilities in Canada by 2024.
Government has also committed to creating an RDSP Action Group and working with leaders in financial and disability communities to develop a centre for financial expertise for people with disabilities. The action group will help drive this commitment, provide advice to government and champion RDSPs.
Minister of Social Development and Social Innovation Don McRae -
“The Government of British Columbia is committed to improving financial security for people with disabilities. Our goal this month and beyond is to spread the word about the benefits of RDSPs and encourage people with disabilities, their friends and family to start saving for their future.”
Federal Minister of State for Social Development Candice Bergen -
“Under the strong leadership of Prime Minister Stephen Harper, our government introduced the Registered Disability Savings Plan in Budget 2007, the first plan of its kind in the world. Raising awareness about this important plan, along with the many other savings vehicles available for families to save for their future is crucial. I would like to congratulate the Province in proclaiming October B.C. Registered Disability Savings Plan (RDSP) Awareness Month.”
Planned Lifetime Advocacy Network (PLAN) chair Ted Kuntz -
“The RDSP is a valuable resource to help families secure the future. What is unique about the RDSP is it provides an opportunity for extended family and friends to contribute to the financial security of our loved ones with a disability. As a parent, I appreciate the vision and commitment shown by the Government of Canada and Government of B.C. to ensure our sons and daughters live a good life.”
- There are almost 550,000 people in B.C. over the age of 15, who identify as having a disability — that’s almost 15%.
- There are about 90,000 people who have RDSPs in Canada.
- Who is eligible for the Canada RDSP program?
- People who are eligible for the Canada Disability Tax Credit
- People under the age of 60
- Canadian residents with a Social Insurance Number
View the proclamation at: http://ow.ly/C8gpG
For a text-only version of the proclamation, visit: http://ow.ly/Cagjq
For more information about RDSPs, visit: www.disabilitysavings.gc.ca
For more information about Accessibility 2024, visit: http://ow.ly/ASEha
For information about Planned Lifetime Advocacy Network (PLAN) and RDSPs, visit: http://plan.ca/
Ministry of Social Development and Social Innovation