RDSPs: Free money ($1000/yr) from the gov't for ppl with disabilities
Hopefully this isn't news to anyone, but if anyone on my flist qualifies for the Disability Tax Credit [or thinks they would], note that the gov't announced late last year the introduction of a new registered plan called RDSP - Registered Disability Savings Plan.
The short of it is, if you are an adult and your annual net income is $21,287 or less, you qualify for the Canada Disability Savings Bond of $1,000 per year towards an RDSP without any contribution of your own. If your income is more, the government will still contribute funds, but the amount is different and depends on your income:
When annual net income is less than $75,769 the grant will contribute:
∼ $3 for every $1 contributed on the first $500
∼ $2 for every $1 contributed on the next $1,000.
When annual net income is over $75,769, the grant will contribute:
∼ $1 for every $1 contributed up to $1,000.
Something to keep in mind: Beneficiaries must wait 10 years after last Grant or Bond is received to avoid penalties.
So far, the only major banks offering RDSPs are Bank of Montreal and Royal Bank (the rest are fucking asshats for assuming disabled ppl have no money - their loss!)
The deadline to get the grant/bond for 2008 is March 2, but that's only for 2009 [because it was announced so late in the year, the gov't is allowing an extension]. Otherwise it is December 31.
The short of it is, if you are an adult and your annual net income is $21,287 or less, you qualify for the Canada Disability Savings Bond of $1,000 per year towards an RDSP without any contribution of your own. If your income is more, the government will still contribute funds, but the amount is different and depends on your income:
When annual net income is less than $75,769 the grant will contribute:
∼ $3 for every $1 contributed on the first $500
∼ $2 for every $1 contributed on the next $1,000.
When annual net income is over $75,769, the grant will contribute:
∼ $1 for every $1 contributed up to $1,000.
Something to keep in mind: Beneficiaries must wait 10 years after last Grant or Bond is received to avoid penalties.
So far, the only major banks offering RDSPs are Bank of Montreal and Royal Bank (the rest are fucking asshats for assuming disabled ppl have no money - their loss!)
The deadline to get the grant/bond for 2008 is March 2, but that's only for 2009 [because it was announced so late in the year, the gov't is allowing an extension]. Otherwise it is December 31.