My parents gave us some money for him, and we decided the best course was to put the money away in his RDSP (Registered Disability Savings Plan), and we were very pleased with the results.
The Circle of Savings in Canada
For the RDSP the Government’s kick in was about 2.25 times the money we had put into the account (not 2.25 %, but double plus another quarter of what we had deposited). Thanks to our family income being higher than average we did not get to take advantage of the full bursary which could be:
The Government provides matching grants of up to 300%, depending on the amount contributed and the Beneficiary’s Family Income
This is a limited grant, remember also:
The maximum grant is $3,500 each year, with a limit of $70,000 over your lifetime. Grants are paid into the RDSP until the end of the calendar year in which you turn 49 years old.
If you don’t have enough money remember even if you just put a little money in it you might be able to get a Canada Disability Savings Bond where the government will kick $1000 in a year if you qualify (free money!). Read the RDSP web page to see if you qualify.
Is This Reason Enough?
If there is any question whether this might be a good idea for a parent of a child with a disability, this is the reason. Yes the bursary value is capped, and does have a maximum amount pay out, but if you are not taking advantage of this help from the government you really need to rethink your plans. This is money that will help plan for your disabled child’s future, go do it now!
