The Registered Disability Savings Plan (RDSP) is here!
- February 8, 2009
- David Baker
- Comments Off on The Registered Disability Savings Plan (RDSP) is here!
The RDSP is a long-term savings vehicle designed for people with disabilities. As an incentive for people to set up an RDSP and contribute into the plan, the Government of Canada has created the Canada Disability Savings Grant and the Canada Disability Savings Bond. Depending on an individual’s income level, a $1,500 contribution could result in an additional $4,500 in government contributions per year. Anyone who is eligible for the Disability Tax Credit can set up a plan. The Bank of Montreal is the only national bank currently offering the RDSP. You can contact BMO to set up an RDSP at 1-800-665-7700. In order to qualify for the 2008 Grant and Bond, you must open an RDSP by March 2, 2009.