Registered Disability Savings Plan (RDSP) Explained!
Have you ever found yourself wondering why there isn’t a savings plan which allows people to ensure the well-being of their loved ones with disabilities? Well it seems you have been in the dark for some time as the RDSP, or the Registered Disability Savings Plan, might well be the solution that you thought could never exist. As per the RDSP, families are given the opportunity to provide for the future financial security of their loved ones with disabilities such that being disabled does not mean that you will not have a guaranteed standard of living for the years ahead. RDSP then is a revolutionary concept which stands to provide monumental benefits to thousands of people. Sounds good, doesn’t it?
So what do you need to know before you go signing up for the RDSP? For starters, you will need to meet the RDSP eligibility criteria according to which you must be a Canadian resident, you must be under the age of 60, and you must qualify for the Disability Tax Credit. If you meet all three of these conditions, you can then be eligibility for the RDSP.
If however, you are reading this article because you are a parent of a child who is faced with a disability, please know that a parent or guardian has the authority to establish and direct the RDSP. Also, note that there is an upper limit cap of $200,000 that can be contributed in a lifetime, although there are no annual limits on the contributions.
Best of all for you though is the fact that the RDSP has no restrictions on when the funds are used or for what purpose. That said, know that some taxes may be applicable on the withdrawals.
Hearing about these taxes may have made you a little uneasy. After all, most of us hate crunching numbers and going over the nitty-gritty of things. Instead, we tend to want to see results, and that too, in a timely fashion. Well guess what, getting your RDSP in order may not be as daunting a task as it currently seems.
This is because The Ford Group can provide you with the guidance you need at every step of the process. We at The Ford Group, are dedicated to helping people in your situation by providing you with expert guidance and skills which in turn will allow you to obtain the disability benefits you need and deserve. So why wait and loose out? Instead do justice to yourself and your loved ones by reaching out to us today.
So what do you need to know before you go signing up for the RDSP? For starters, you will need to meet the RDSP eligibility criteria according to which you must be a Canadian resident, you must be under the age of 60, and you must qualify for the Disability Tax Credit. If you meet all three of these conditions, you can then be eligibility for the RDSP.
If however, you are reading this article because you are a parent of a child who is faced with a disability, please know that a parent or guardian has the authority to establish and direct the RDSP. Also, note that there is an upper limit cap of $200,000 that can be contributed in a lifetime, although there are no annual limits on the contributions.
Best of all for you though is the fact that the RDSP has no restrictions on when the funds are used or for what purpose. That said, know that some taxes may be applicable on the withdrawals.
Hearing about these taxes may have made you a little uneasy. After all, most of us hate crunching numbers and going over the nitty-gritty of things. Instead, we tend to want to see results, and that too, in a timely fashion. Well guess what, getting your RDSP in order may not be as daunting a task as it currently seems.
This is because The Ford Group can provide you with the guidance you need at every step of the process. We at The Ford Group, are dedicated to helping people in your situation by providing you with expert guidance and skills which in turn will allow you to obtain the disability benefits you need and deserve. So why wait and loose out? Instead do justice to yourself and your loved ones by reaching out to us today.
