In acknowledgment of the heightened financial challenges that disabled Canadians often face, the Federal government took a significant step by establishing the world’s first registered, matched savings plan for people with disabilities back in 2008. Known as a Registered Disability Savings Plan (RDSP), this initiative offers families a means to save for their future needs, irrespective of challenges they might encounter. Nevertheless, a significant number of Canadians lack awareness about its availability, and there is also uncertainty about the most effective strategies to leverage its advantages.
In this special manager conversation, Martina Longauer, senior investment advisor at Sightline Wealth Management, engages in a dynamic discussion alongside the esteemed tax, estate, disability and strategic philanthropic expert, Carol Bezaire. Together, they address the inquiries received from clients about financial challenges related to disabilities and how effectively utilizing an RDSP can alleviate these monetary burdens.
Some of the specific questions addressed during this conversation include:
- What is an RDSP?
- Who opens and manages the plan?
- How do contributions work?
- How is it different from a Registered Retirement Savings Plan (RRSP)?
- What are the rules and regulations around the plan?
- Who qualifies for an RDSP?
- What happens if someone applies when they are no longer a minor?
- When can you make withdrawals from the account?
- Who qualifies for an RDSP?
- Are there any contribution limits?
- Can an investment advisor help manage this process?
Embarking on the path to open a savings plan can be a complicated and intimidating task. Fortunately, your team at Sightline Wealth Management is ready to help guide you through every step of your family’s unique journey. If you are interested in utilizing an RDSP to create long-term savings, please do not hesitate to contact us.
Sightline Wealth Management LP (“Sightline”) is an investment dealer and is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). Sightline provides management and investment advisory services to high-net-worth individuals and institutional investors primarily through fee-based accounts.
Sightline Wealth Management LP is a wholly owned subsidiary of Ninepoint Financial Group Inc. (“NFG Inc.”). NFG Inc. is also the parent company of Ninepoint Partners LP, it is an investment fund manager and advisor and exempt market dealer. By virtue of the same parent company, Sightline is affiliated with Ninepoint Partners LP. Information and/or materials contained herein is for information purposes only and does not constitute an offer to sell or solicitation to purchase securities of any issuer or any portfolio managed by Sightline Wealth Management or Ninepoint Partners, including Ninepoint managed funds.
Sightline Wealth Management (“Sightline”) makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Sightline assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Sightline is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Past performance is not indicative of future performance. Please speak to your Advisor regarding the suitability of information provided in this article for you. The opinions, estimates, projections and/or recommendations contained in this document are those of the author as of the date hereof.