Apply for the DTC Please
Are you not sure about whether you should apply for the dtc (disability tax credit)? If you or your child has a disability, you should! apply as soon as possible.
The RDSP is the Registered Disability Savings Plan, a Canadian Government program to help disabled individuals save for their future. Depending on the disability and income level of the disabled person (or their guardians/parents) the Government will also add allowances and bursaries to the account yearly, up to a lifetime maximum.
The RDSP is a key tool for parents of children with disabilities save for their loved one’s future. Once the child’s disability has been recognized by the CRA, an RDSP can be set up to start saving for the child’s future. The government’s additions will depend on the income level of the parents, the lower the income the more allowances and bursaries are added to the savings account.
Are you not sure about whether you should apply for the dtc (disability tax credit)? If you or your child has a disability, you should! apply as soon as possible.
Do the ODSP (Ontario Disability Support Plan) and RDSPs complement each other or do they clash? They work together but in a tightly controlled way.
I was on a podcast and while my answers were mostly correct, these RDSP clarifications are needed to be more precise in my answers.
It is that time of year, when I transfer money into my son’s Registered Disability Savings Plan (RDSP), and I continue to be disappointed by TD. I spoke to a very nice young man on… Read More »RDSP Deposit Obfuscations Continue
There are about 5 steps to an RDSP (Registered Disability Savings Plan) and they may seem daunting but it is an important plan, you can do it! Do not be bamboozled into giving money away for an external firm to do it for you, it is your money to keep.