Registered Disability Savings Plan (Canada)


#1

Some recently suggested that I share this article.

If you are CANADIAN and have successfully applied for the Disability Tax Credit, the savings do not end with your tax return. You are also eligible for FREE money from the government! I know that sounds too good to be true! That is why I asked Jane Buchanan, Financial Advisor, to explain exactly how easy it is to get FREE money!
You can read all about it here…


#2

It should be noted that this applies to government policy in Canada.


#3

Sorry about that! I meant to add it in and obviously forgot. I have edited it. I know that people from other countries get excited thinking that they are missing out on a credit that they could be eligible for and then are saddened to find out that it doesn’t apply.


#4

In US, this seems similar to HSA, which is for any medical, not limited to disability.


#5

From what I have researched it is along the same lines. I am not sure if the US government matches or offers grant funds with the HSA though.


#6

No govt match on contribution. Benefit is that you don’t pay income tax on the contribution, and if invested, could grow to larger amount.


#7

Thank you for sharing Barb !!!


#8

Sorry to ruin the party, but it’s not quite as easy as being T1D and qualifying

It’s not easy to qualify for this (I speak as a Canadian, with 4 chronic disorders who’s been turned down twice).

If it sounds too good to be true it usually is.


#9

Oh it isn’t always easy but is worth the effort in my opinion. You have to have a great doctor who will listen to what you tell he/she that you do and completely understand what they are being asked on the initial form and any follow up forms. It also helps to make sure that you fully understand what tasks qualify for the 14 hours and which ones don’t. Not everyone will qualify and many people who do qualify may not realize it.
In our case, I fought all the way to the Canadian tax court. Not everyone can do that. No one should have to.