Ontario Supports Registered Disability Savings Plans



    McGuinty Government Helps Families Save For Children With Disabilities

    TORONTO, Nov. 30 /CNW/ -

    NEWS

    Ontario is making it possible for social assistance recipients to take
advantage of Registered Disability Savings Plans (RDSPs).
    Like the Registered Education Savings Plan, RDSPs allow family members
and loved ones to save money tax free until withdrawal. The program helps
people plan for the future needs of children and adults with disabilities.
    Changes to Ontario's social assistance rules will make sure that both
RDSP assets and withdrawals are fully exempt. This means:

    
    -   RDSP contributions do not impact eligibility for social assistance
    -   People on social assistance can take money out of an RDSP without
        affecting their social assistance payments.
    

    To further help social assistance recipients with disabilities save for
their future, Ontario is also increasing the amount they can receive as a gift
or payment from a trust from $5,000 to $6,000 a year.

    QUOTES

    "This is about making it easier for families to save for their children
with disabilities," said Minister of Community and Social Services Madeleine
Meilleur. "We are making sure that people can put money in an RDSP without it
affecting their eligibility for disability support."

    "The message from the Ontario government is clear. It trusts families to
help their relative with a disability and has opened the door for them to
secure the future for their loved one. In twenty years, we'll look back on
this as a watershed moment for people with disabilities," said President and
Co-Founder of Planned Lifetime Advocacy Network Al Etmanski.

    "What will happen when I'm no longer here is a sentiment shared by many
families caring for a relative with a disability. The future for their loved
ones was almost certain poverty. But with today's welcomed announcement, the
Ontario government has cleared the way for families and communities to invest
in a new vision for Ontario citizens with disabilities," said Ontario RDSP
Working Group Chair Jeff Dobbin.

    
    QUICK FACTS

    -   Any individual that is eligible for the Disability Tax Credit may
        establish an RDSP

    -   British Columbia, Saskatchewan and Newfoundland have also announced
        that they will fully exempt both RDSP assets and withdrawals.
    

    LEARN MORE

    Find out more about the federal Registered Disability Savings Plans
    (http://www.cra-arc.gc.ca/gncy/bdgt/2007/rdsp-eng.html).

    To establish a RDSP, you must qualify for a Canada's Disability Tax
    Credit (http://www.cra-arc.gc.ca/E/pbg/tf/t2201/).

    See how employment supports help people on the Ontario Disability Support
    Program (http://www.mcss.gov.on.ca/mcss/english/mediaroom/video/081023a)

    Learn more about the province's Accessibility for Ontarians with
    Disabilities
    (http://www.mcss.gov.on.ca/mcss/english/pillars/accessibilityOntario/).

    
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For further information:

For further information: Kevin Cooke, Minister's Office, (416) 325-5219;
Chris Tidey, Communications and Marketing Branch, (416) 325-5760

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