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Tuesday, April 1, 2014

RDSP: A path to prosperity

There is a new article on www.moneysense.ca that is more or less a primer on Registered Disability Saavings Plans (RDSPs). According to the article, even though about 500,000 Canadians are eligible to have an RDSP, only about 78,000 have opened them. This may be a missed opportunity.

If you have a disabled child or sibling, you really should read this article to find out more about RDSPs. Click here to read it. When doing estate planning for a family with a disabled person, our team always discusses RDSPs with our clients to ensure that they have considered all aspects of providing for the future of their loved one.

The article is extensive, and covers everything from who can own an RDSP, through how much money can be put into it, to how to take the money out again. If you think that it's not worth opening one because you don't have much money to contribute to it, please think again. You might be surprised at how even a small amount can grow in one of these plans.

If you want to know more after you read the article, talk to your banker.

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