OTTAWA, Oct. 2, 2014 /CNW/ - The Honourable Candice Bergen, Minister of State (Social Development), highlighted the benefits of the Registered Disability Savings Plan (RDSP) during a meeting of Special Olympics senior representatives from all regions of Canada, who gathered in Ottawa today. She encouraged Special Olympics Canada to help raise awareness about the initiative so that more eligible Canadians benefit from this long-term savings plan.
Emphasizing the Government of Canada's commitment to delivering for Canadian families, Minister Bergen addressed the benefits of the RDSP, which facilitates long-term savings for people with disabilities, their families and caregivers. The remarks were followed by an information session which outlined details of the RDSP and a question and answer period to elaborate on the program.
- The RDSP was announced in Budget 2007 as a long-term savings plan designed to help people with disabilities and their families save for the future.
- Since launching the RDSP in 2008, over 90,000 plans have been opened across Canada.
- So far, the Government has contributed over $1 billion in bonds and grants into the RDSPs of people with disabilities, helping to ensure long-term financial security for all Canadians.
"The Government of Canada introduced the Registered Disability Savings Plan (RDSP) in Budget 2007, the first plan of its kind in the world. Since its creation, the RDSP has made a great difference in the lives of Canadians with disabilities and their families—providing long-term financial security and some peace of mind."
– The Honourable Candice Bergen, Minister or State (Social Development)
"Special Olympics Canada was proud to welcome Minister Bergen and her team to our fall meetings. It was a great opportunity to learn more about the RDSP and how it can benefit our athletes and their families and caregivers. Special Olympics Canada enriches the lives of our athletes on many levels, from sport, health and fitness, to self-esteem and inclusion within their communities. The RDSP is a valuable tool for our athletes and their families to provide some long-term financial security."
– Sharon Bollenbach, CEO, Special Olympics Canada
The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future. With written permission from the RDSP holder, anyone may contribute to the RDSP. You may contribute any amount to the RDSP each year, up to the lifetime contribution limit of $200,000.
If you have an RDSP, you may also be eligible for grants and bonds to help with your long-term savings.
The Canada Disability Savings Bond is money the Government will deposit into the RDSPs of modest-income Canadians. If you qualify for the Bond, you will receive up to $1,000 a year depending on your family income. There is a limit of $20,000 over your lifetime. Bonds are paid into the RDSP until the end of the calendar year in which you turn 49 years of age. You do not need to make any contributions to your RDSP to receive the Bond.
The Canada Disability Savings Grant is a matching grant the Government will deposit into your RDSP to help you save. The Government provides matching grants of up to 300 percent, depending on the amount contributed and the beneficiary's family income. The maximum grant is $3,500 each year, with a limit of $70,000 over your lifetime. Grants are paid on contributions made to the RDSP until the end of the calendar year in which you turn 49 years of age.
SOURCE: Employment and Social Development Canada
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