Minister Bergen Highlights Benefits of Registered Disability Savings Plan

Welcomes new RDSP Action Group in B.C.

VANCOUVER, Oct. 17, 2014 /CNW/ - The Honourable Candice Bergen, Minister of State (Social Development), joined Don McRae, Minister of Social Development and Social Innovation of British Columbia, in marking Registered Disability Savings Plan (RDSP) Awareness Month in the province. The Ministers announced the creation of a new provincial RDSP action group led by Norah Flaherty.

The newly appointed action group, composed of prominent and influential British Columbians who have demonstrated a commitment to promoting the benefits of RDSPs in their sectors and communities, will provide advice to the Government of British Columbia on how to increase awareness and uptake of RDSPs.

Emphasizing the Government of Canada's commitment to delivering for Canadian families, Minister Bergen spoke about the benefits of the RDSP, which facilitates long-term savings for people with disabilities, their families and caregivers. 

Quick Facts

• The RDSP is a long-term savings plan designed to help people with disabilities and their families save for the future.
• Since the RDSP was launched in 2008, over 90,000 plans have been opened across Canada.
• So far, the Government has contributed over $1 billion in bonds and grants to RDSPs, helping to ensure long-term financial security for all Canadians.

Quotes

"Our Government introduced the Registered Disability Savings Plan, the first plan of its kind in the world, because we wanted to help families with children who have disabilities save for their future. 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. Raising awareness about it is crucial. I would like to congratulate British Columbia on the creation of this new action group led by Norah Flaherty, the sister of the late federal Finance Minister Jim Flaherty, who played a critical role in launching the RDSP in 2008."
-The Honourable Candice Bergen, Minister of State (Social Development)

"The Government of British Columbia is committed to raising awareness about the benefits of the Registered Disability Savings Plan as a tool to help people with disabilities and their families save for the future. Our new RDSP Action Group will help champion our commitment to make B.C. the most progressive jurisdiction for people with disabilities in Canada by increasing participation in the RDSP." 
-The Honourable Don McRae, British Columbia Minister of Social Development and Social Innovation

 "The RDSP is a world class innovation for Canadians with disabilities and their families. The partnership between the Governments of Canada and British Columbia will make it possible for the benefits of this poverty fighting program to extend to everyone with a disability."
-Al Etmanski, Co-Founder, Planned Lifetime Advocacy Network (PLAN)

Associated Link

Registered Disability Savings Plan

Backgrounder

The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future.

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 your 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