Media Advisory - Canada's RDSP Leader Salutes Minister Flaherty For Once
Again Enhancing the Long-Term Financial Security of People With Disabilities

Impact of proposed changes will be small on federal coffers, but the benefits will be huge

TORONTO, March 5 /CNW/ - BMO Financial Group, the first bank to offer the Registered Disability Savings Plan (RDSP) and the RDSP market leader, praised Minister Flaherty for continuing to make enhancements to the RDSP.

In the March issue of Policy Options magazine (http://www.irpp.org/po/), which was published this past Monday, Tina Di Vito, Director, Retirement Strategies, BMO Financial Group, stated:

    
       "We believe that balances in RRSPs or RRIFs should be allowed to roll
       over tax-free into a registered disability savings plan (RDSP). The
       government took an important step when it created the RDSP in 2008,
       and we applaud them for it. Canadians with disabilities can face
       extraordinary expenses and may be limited in their ability to earn
       enough to support themselves. Allowing individuals to bequeath their
       RRSP or RRIF balances to an RDSP would offer one more way to help
       people with disabilities live more independent lives."
    

"Budget 2010's proposal to allow a deceased individual's RRSP or RRIF proceeds to be transferred, on a tax-free basis, to the RDSP is a fantastic measure that will benefit people with disabilities and give their parents and grandparents peace of mind," said Ms. Di Vito. "The impact on federal coffers will be small, but the benefit will be huge. This will allow more people with disabilities to get the care they need. With the RDSP, Canada is leading the world in showing how smart policy can help provide financial security and independence for people with disabilities."

SOURCE BMO BANK OF MONTREAL

For further information: For further information: or to arrange for an interview, please contact: Kasia Lech, Toronto, kasia.lech@bmo.com, (416) 867-3996; Sarah Bensadoun, Montreal, sarah.bensadoun@bmo.com, (514) 877-1101


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890