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  Registered Disability Savings Plans  

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Registered Disability Savings Plans (RDSPs)

Income Tax Act s. 146.4, Canada Disability Savings Act and Regulations

Registered disability savings plans (RDSPs) were introduced in the 2007 Federal Budget.  It is expected that RDSPs will be available starting December 1, 2008.

The 2008 deadline for making contributions to an RDSP, and applying for the 2008 RDSP Grant and Bond, has been extended from December 31, 2008 to March 2, 2009.  The 2009 RDSP contribution year will begin March 3, 2009.  See Important Dates on the Canada Revenue (CRA) website.

The information presented here is based on the following sources:

bullet

Income Tax Act

bullet

Canada Disability Savings Act and Regulations

bullet

Department of Finance legislative proposals, explanatory notes and overview relating to registered disability savings plans

bullet

Department of Finance Budget 2007 information on RDSPs

The regulations for the Canada Disability Savings Act are now available, so these articles have been revised accordingly.

The Expert Panel which recommended RDSPs also recommend that, for the RDSP program to be effective, RDSP assets and income should not disqualify a plan beneficiary from receiving provincial or territorial income support provided to persons with disabilities.  BC has already made legislation changes to this effect.  Alberta, Manitoba and Ontario have expressed plans to do the same.  If this affects you, check with your provincial government to determine how they are treating the RDSP assets and income in relation to income support programs.

See the following articles regarding RDSPs:

Who can set up an RDSP?

Payments into the RDSP

Payments out of the RDSP

Taxable amount of disability assistance payments

Termination of the RDSP

 

See also - links to all information on Taxtips.ca related to persons with disabilities.

 

Revised: January 03, 2010

 

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