There are certain government programs that will help a person and their family operate more efficiently. By this I mean tax free grants, incentives, tax credits and so on. Most people do not take the time to look for government programs and tax incentives (doesn’t that just sound soooo exciting). Fortunately, there are people like us who love finding this information and sharing it with those we care about.
One program that most people are unaware of is the registered disability savings plan (RDSP). In a nutshell, for every annual $1,500 contribution by a qualified RDSP applicant, the government will give a grant of $3,500 every year (with a lifetime maximum award of $70,000). In addition, there is an extra $20,000 in bonds available (given out $1,000 per year to qualified recipients). That’s a total of $4,500 of free money each year available to those who need it to assist with their lifelong disabilities (If you didn’t get your government grant last year or for the finer details on the program, please contact us).
This phenomenal program is one example of how the right information can be very valuable, and yet most of the Canadian population is oblivious to this and other similar programs. In fact, there are about 1 million Canadians that would qualify for that program, based on their tax returns, who did not apply to it, because of a lack of information or a lack of follow-through. I say follow-through, because there is an application process for the program. This also explains why most accountants don’t advise and file the appropriate paperwork for these grants. It falls in the grey zone between tax filing and financial advice. It personally breaks my heart knowing that those who need the help are unaware that it’s available.
Fortunately, we now have a team that specializes in RDSP’s and their mandate is to educate and empower Canadians who need an RDSP. However, RDSP’s are just one of many different programs and strategies available to Canadians. If you would like to learn more, please connect with us. We will do the research on which programs and strategies best fit your personal situation.