Ottawa looking for public's feedback on RDSP (Canada)

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Ottawa looking for public's feedback on RDSP (Canada)

Postby flipflopper » Wed Nov 02, 2011 4:40 pm

Personally, I would love for the 10 year rule ( ... year-rule/ ) to be modified. If I need to take out money (even if it is my money that was deposited in the RDSP over the minimum yearly contribution for grants and bonds) for a medical treatment or an emergency, the government will take back all the money it has given me in the last 10 years. I understand that they want individuals to save money but I find this rule too strict and I think that some modifications should be made. If you agree with me or if you have other issues with the RDSP, please please take the time to write to the government ( ... story.html

In the three years since the federal government introduced Registered Disability Savings Plans (RDSPs), plans have been opened for more than 48,000 Canadians.

"Would I like the number to be higher? I would. But it's a good start," Finance Minister Jim Flaherty said Friday after announcing public consultations with a view to fine-tuning the program, which he said was the first of its kind in the world.

RDSPs are a way to save money to help fund the future needs of people with severe disabilities.

The assets grow in tax-sheltered accounts that can be opened at most major financial institutions, and the government provides grants amounting to as much as 300 per cent of donor contributions, depending on family income, to a maximum of $70,000.

The rules also allow assets from the RRSPs or RRIFs of deceased parents or grandparents to be transferred tax-free to the plans.

Payments from RDSPs must commence by the end of the year in which the beneficiary turns 60.

The government wants to know if the plan is functioning well, what obstacles people have encountered, whether RE-SPs should be a rollover option as well as RRSPs, and if there's too much red tape.

Individuals, families, financial institutions and groups representing the disabled are invited to submit their views, comments and suggestions to or to the RDSP Review at the Department of Finance in Ottawa.
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