Ontario Finance Minister Charles Sousa delivered the province’s 2017 budget on April 27, 2017. The province’s 2017 budget is balanced, with projected balanced budgets for 2018 and 2019.
The federal government implemented the Registered Disability Savings Plan on December 1, 2008. The RDSP is a savings plan designed specifically for people with disabilities in Canada.
In the infographic, we highlight the key points of the RDSP:
- Canada Disability Savings Grant: For every $1 put in an RDSP account, the federal government can (if your family income is below $87,123) match with up to $3.
- Canada Disability Savings Bond: For people living on a low-income, the federal government will put in $1,000 each year for 20 years.
- Anyone can contribute to someone’s RDSP (friends, neighbours, family members, etc).
- There is a lifetime contribution limit of $200,000.
- People with disabilities can choose what to do with the money when it comes out.
- The RDSP is exempt from most provincial disability and income assistance benefits. It does not get clawed back and it does not reduce disability benefits payments.
The RDSP can be complicated, please talk to us for a complimentary review.
Nova Scotia Finance Minister Randy Delorey delivered the province’s 2017 budget on April 27, 2017. The budget anticipates a surplus of $25.9 million for the 2017-2018 fiscal year, $35.6 million for 2018-2019 and $46.6 million for 2019-2020.
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About Gordon Malic
Gordon Malic has been offering clients financial advice since 1987. He is a certified financial planner, investment advisor and vice president/private client division at Mackie Research Capital. He is also the founder of Charter Wealth Management Inc., which is a company focused on providing risk management and investment strategies to owners and managers of private and public companies.