How does RDSP work Registered Disability Savings Plan

Updated : Dec 30, 2019 in Articles

How does RDSP work Registered Disability Savings Plan


RDSP, Registered Disability Savings Plan
is one of those hidden gems that not many people know about, not even
financial advisors. Hi, my name is Taayla Mark with Engrace Financial Solutions and you are watching “Street Smarts with Taayla”. Thank you so much for joining me! And so, I’m what I’m hoping is that you will like this video if you find there’s
valuable information in it and for sure subscribe because we are doing this on a
monthly basis to bring you information on financial planning. So, today what we’re going to do is we’re going to talk about RDSP; I bet you’ve never even heard
of this financial product so we’re going to unpack it and give you that
information. I know the terminology but I don’t know how to process it. Basically, it’s a savings plan designed by our Canadian government to help disabled
persons stay for the retirement. You can potentially receive thousands of dollars
in free money through this program. To give you some examples, My client Mike started his RDSP with $500 initially and within three months he was given $9,700 in grants and bonds through this program based on his
specific qualifications. Another client, an 8 year old girl started her RDSP by her parents with $200 and they received $6,000 in grants and bond. And Nancy started her RDSP with $2,500 and she received 12,000 dollars in grants and
bond. The money have to stay in the plan for a minimum of 10 years from the time
of the last contribution. What you receive originally won’t likely be the
same for the following years. CRA evaluates the applicants each year based
on their previous tax return. you’re under age 18, they valuate the
parents tax returns; and you need your disability tax credit for when you do
your tax return to pre-qualify for the RDSP and if you don’t have one and don’t
know what it is click on the link below and it will give you more information. Okay, now that your disability tax credit is in place, now it’s time to talk with a
knowledgeable financial adviser about setting up your registered disability
savings plan. The grants is being matched by your contribution and the bond is
qualified by a low income tax return. If you’re under age 50 and have the
disability tax credit and want to stay for your retirement, then having the
registered disability savings plan is the best option for you. If you have more questions for me on RDSP, leave your comments below and I would love to share more with you; In the meantime, lik e the video, subscribe, I would love to
come back and speak with you on a monthly base. This is Engrace Financial Solution, financial success made simple.

5 Comments

  • Hi Iam Tahmina Dayna. Thank u so much for your video. I have got 2 question for you.
    1st-I opened up rdsp with Td bank. They said I have to contribute minimum 100 dollars every month, otherwise there is 25 dollars charge to opening Rdsp. Also
    2nd-I have daughter 4 years old with autism spectrum. Can I open another rdsp for her?
    Please advise me what to do.
    My email address ([email protected])

  • I'm not undstandi g ur figures…CRA website say the maximum u can get annually $3500/$1000… can you please explain you math about Mike putting us $500 and getting back $9500?

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