Survey on savings for persons with disabilities

Residents in Canada who have a severe and prolonged mental or physical disability are eligible for the Disability Tax Credit (DTC). This opens the door to other programs, one of which is the RDSP.

Less than one-third of eligible residents in Canada (up to age 59) have a Registered Disability Savings Plan (RDSP)—about 31.5% in 2020.

To understand why more eligible residents in Canada do not have an RDSP, Employment and Social Development Canada asked Statistics Canada to conduct the Survey on Savings for Persons with Disabilities. Its goal was to collect data from residents in Canada who were eligible for an RDSP but did not open one.

These respondents included both persons with disabilities and family members or others who care for persons with disabilities, since the holder of the plan may not be the same person as the beneficiary in all cases.

These data show that, in general, eligible residents in Canada lack information about the RDSP, with many not being aware it exists and a substantial portion reporting not having enough information or money to open one.



Introduction to investing: A primer for new investors

The resources and tools provided by OSC on this website are intended to be a starting point for new investors, including people who are new to Canada. The information here can help you make more informed investment decisions and help you better protect your money.

The information is available in multiple languages.



Banking for newcomers to Canada

Banks offer extensive information on how newcomers to Canada can get started in their new country, including checklists, information, financial services and advice.

The Canadian Bankers Association has compiled some basic information to get you started including an infographic with features of the Canadian banking system. 



P4P Planning Network Resource Hub

The P4P Planning Network was launched by Partners for Planning to support relatives, friends, or caregivers of a person with a disability with planning resources and tools. Resources on relationship building, school transitions, community involvement, financial objectives and more are shared and continuously updated on the website. 

Their Early Planning Toolkit includes an action guide, a checklist to help identify ways to build an everyday childhood while planning for the future and webcasts. 



Disability Alliance BC

Disability Alliance BC supports people in British Columbia with disabilities through direct services, community partnerships, advocacy, research and publications.

Their website provides information on disability benefits including the Disability Tax Credit (DTC), CPP Disability, Registered Disability Savings Plans (RDSP) and more.



Plan Institute Learning Centre

The Plan Institute Learning Centre presents workshops, webinars, publications and other resources for individuals and/or families of a person with a disability, support-care workers, and organizations.



RDSP calculator

Enhance the quality of life for a family member with a disability. By answering a few simple questions, the RDSP Calculator can help you project the estimated future value of an RDSP, and the approximate value of future withdrawal payments. Run various scenarios to see how it would affect the value of your RDSP.

The RDSP Calculator is a tool to help you assess the potential of opening and contributing to an RDSP. The estimates provided by the Calculator are for information purposes only. The profile of your RDSP may differ from the RDSP Calculator projection.



Breaking down barriers: A critical analysis of the Disability Tax Credit and the Registered Disability Savings Plan

The Disability Tax Credit helps Canadians by reducing the amount of income tax they are required to pay. The Registered Disability Savings Plan helps people with a disability or their caregiver save for the future by putting money into a fund that grows tax free until the beneficiary makes a withdrawal.

This report, released by the Senate Committee on Social Affairs, Science and Technology, makes 16 recommendations aimed at improving both programs. They are divided into short-term objective to make the process for the two programs simpler and clearer, and a long-term philosophical shift in the way Canada deals with people who are in financial distress but cannot advocate for themselves.  Recommendations include removing barriers that prevent people from taking advantage of the Disability Tax Credit and making enrolment in the Registered Disability Savings Plan automatic for eligible people under 60 years of age.



Future planning for people with disabilities


Delivered in partnership with Plan Institute, this webinar "Future planning tips for people with disabilities and those who support them," discusses how planning for A Good Life can lead to achieving greater peace of mind about the present.

This webinar also introduces the online Future Planning Tool for Persons with Disabilities*, a resource that helps you, your family, and your clients create a financial plan.

The speakers are:

  • Brendon Pooran, Founder and principal lawyer, PooranLaw Professional Corporation
  • Ted Kuntz, Chair, Board of Directors of Plan Institute
  • Tom O’Dwyer, Lead tax advisor, Ability Tax and Trust Advisors.

This is the webinar video recording.

Read the presentation slides for this webinar.

Discover the Future Planning Tool discussed in this webinar.

 




Financial supports for people with disabilities


In this webinar, "How to deliver financial supports for people with developmental disabilities," you will learn about financial supports and government programs for people with disabilities in Canada. The topics covered include: social assistance programs, the Disability Tax Credit and other benefits available under the Income Tax Act, the Registered Disability Savings Plan (RDSP) and estate plan tools including a discussion about Henson Trusts. The webinar also discusses practices to support persons with developmental disabilities with respect to their legal, tax and financial planning and recommended resources.

The speakers are:

  • Brendon Pooran of PooranLaw Professional Corporation
  • Tom O’Dwyer of Ability Tax & Trust 

This is the video recording of the webinar.

Read the presentation slides for this webinar.




The Registered Disability Savings Plan Program: Why Isn’t It Helping More People?

RDSP The Registered Disability Savings Plan: Saving for the Future

Step-by-Step Guide to Becoming Eligible, Opening, and Managing Your RDSP