Ontario Supports Registered Disability Savings Plans
November 30, 2008 10:58 AM
McGuinty Government Helps Families Save For Children With Disabilities
Ontario is making it possible for social assistance recipients to take advantage of Registered Disability Savings Plans (RDSPs).
Like the Registered Education Savings Plan, RDSPs allow family members and loved ones to save money tax free until withdrawal. The program helps people plan for the future needs of children and adults with disabilities.
Changes to Ontario's social assistance rules will make sure that both RDSP assets and withdrawals are fully exempt. This means:
- RDSP contributions do not impact eligibility for social assistance
- People on social assistance can take money out of an RDSP without affecting their social assistance payments.
To further help social assistance recipients with disabilities save for their future, Ontario is also increasing the amount they can receive as a gift or payment from a trust from $5,000 to $6,000 a year.
Quick Facts
- Any individual that is eligible for the Disability Tax Creditmay establish an RDSP.
- British Columbia, Saskatchewan and Newfoundland have also announced that they will fully exempt both RDSP assets and withdrawals.
Learn More
- Find out more about the federal Registered Disability Savings Plans.
- To establish a RDSP, you must qualify for a Canada’s Disability Tax Credit.
- See how employment supports help people on the Ontario Disability Support Program.
- Learn more about the province’s Accessibility for Ontarians with Disabilities.
Ministry of Community and Social Services
ontario.ca/community