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Why an RESP for a Disabled Child ?

3 responses

  1. Tom Poleck
    January 4, 2021

    Great write up – hard to find good advice when determining whether to save for a disabled child in a RESP or RDSP. Also, many people are quick to recommend contributing to a RDSP without realizing that the government match could likely grow threefold after the child reaches 18 if their income is low at that time.

    Another factor to consider is the case of multiple children and a family RESP. In that case you can pay out earned income to any of your other children if one does not continue to post secondary education due to a disability. Grants can also be paid out other children but only to a maximum of $7200 per beneficiary.

    The addition of one more sibling to a family RESP can be especially beneficial if you are trying to max out your government grants in later years as each child on the plan adds extra room for a $500 grant, $1000 if making up for past years.

    Reply

    • bigcajunman
      January 4, 2021

      Yes, putting the minimum to get grants until they are 18 is how we are going. The max for grants right now is 1000 so it is easy. Wait every year to get the Statement of Grants.

      My son is the youngest, I had already fought the RESP wars for my daughters, so the Family RESP angle never came into play, for us.

      Reply

  2. James Heidebrecht
    September 11, 2018

    This is interesting information. My stepson has ADHD and we are considering some investments for him. I had no idea thank you so much for this article.

    Reply

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