Work + Money

RDSP Contributions

The Registered Disability Savings Plan - Bank of Montreal ready to go

As many of you are aware the federal government introduced the RDSP - Registered Disability Savings Plan effective Dec. 1, 2008.

The deadline for 2008 contributions is today, March 2 , 2009.

You should visit an excellent web site, www.rdsp.com, established by Planned Lifetime Advocacy Network (PLAN), a non-profit organization, established in 1989 by and for families committed to future planning and securing a good life for their relative with a disability.

By opening and contributing to an RDSP in 2008, you may be eligible to receive up to $4,500 in Canada Disability Savings Grants and Canada Disability Savings Bonds. The Bank of Montreal is to our knowledge the first Canadian bank to offer the RDSP at this time, effective December 22, 2008. You can call them at the BMO Investment Center (BMOIC) at 1-800-665-7700. BMO sales representatives have completed a government facilitated training program and are now ready to answer any RDSP questions.

Also, please visit our "News, Views and Opportunities" section of our home page for articles and press releases on the many developments on this new savings.

Comments

the rdsp has a age limit as for me I,m 49 and can not set one up as my children were going to put money in as i will only recieve about 530 when turn 65 because have to go on cpp disabilty at 45.so again their is always a bump in the road .when put in budget there was no age limit

murray

Posted by: murhayes | Thursday January 15, 2009, 6:40 am

My comment is also regarding the age limit of 49. I was thrilled when I started hearing rumours of the RDSP. It actually sounded too good to be true. I guess it was because I too am one of the many people with disabilities who does not qualify simply because I am over the age limit. No one, so far, has been able to explain why this clause was added. As older people with lifelong disabilities we are the ones who have struggled all these years with very little support. Why can't we benefit now even though it would be short lived? The perks that people/families get now from ODSP are unbelievable. Why shouldn't I be given the opportunity to buy a van or a house? I am no less disabled nor less deserving.

Posted by: Lynnmcc52 | Thursday January 15, 2009, 8:34 pm

I'm waiting for my Mp to get back to me as he is contacting the finance dept to find out why the age limit was put in when in the budget there was no age limit

Posted by: murhayes | Friday January 16, 2009, 1:17 pm

In order to qualify to set up an RDSP, you have to be found eligible for the Disability Tax Credit, which is very hard to qualify for if your disability is invisible, or it is mental health related, particularly if you can dress yourself, handle your finances, do basic housekeeping, and bathe yourself. To me, this is biased in favour of those with clear physical disabilities, such as persons using a wheelchair or walker, blind or visually impaired, or deaf. Because these people can be fully functional in all other areas of their lives, except the one disability and get full credit.

Posted by: Angela Browne | Wednesday January 21, 2009, 1:40 pm

I also agree about the age issue. Are people with disabilities over 49 better off than those under 49? What is the purpose for this cutoff?

Posted by: Angela Browne | Wednesday January 21, 2009, 1:41 pm

I wrote the Minister of Finance and of Social Development (as suggested by PLAN)concerning the age 49 cut-off particularily as it relates to the Multiple Sclerosis community. I recognize the "pie" can only be cut in so many pieces, but the Government has invited ma

Posted by: ljh | Monday January 26, 2009, 6:57 pm

I wrote to both the Minister of Finance and of Social

Posted by: ljh | Monday January 26, 2009, 6:59 pm

I wrote to both the Minister of Finance and of Social Development (suggested by PLAN)concerning the age 49 limit particularily as it relates to the MS community where disability often increases in later years. My small voice was pretty much brushed aside. Does anyone know where I can go to be helpful in showing the government's error?

Posted by: ljh | Thursday February 5, 2009, 7:50 pm

The minster of CRA is reviewing this but hasn't got back to me I phone my MP office will be a couple of more weeks to see if i able to open a rsdp because of my age

Posted by: murhayes | Wednesday March 25, 2009, 5:41 am

the review is up and the same old answer is no even if i was only 48 when the budget was pass.

they are saying that if you put money in at 49 you have 10 years before you can draw out .

My thought on this don't people retire at age 65 so why don't they put the age at 55 its a no brainer.

but that's our goverment.

again they only think of the vote thats why it took over two years to get this done if they were in the private workplace they would be fired.

murhayes

Posted by: murhayes | Tuesday April 28, 2009, 5:44 am

I have asked the people i talked to in ottawa if they seen the web site and the say no not yet but will take a look I hopo they do.

murray hayes

Posted by: murhayes | Tuesday April 28, 2009, 5:46 am

I have asked the people i talked to in ottawa if they seen the web site and the say no not yet but will take a look I hopo they do.

murray hayes

Posted by: murhayes | Tuesday April 28, 2009, 5:46 am

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