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To find out about the RDSP, whether you qualify, and where you can sign up, visit www.rdsp.com .
In a formal announcement today, the Government of New Brunswick decided to exempt the Registered Disability Savings Plan.
“RDSPs will allow families to invest in the long-term financial needs of their children with disabilities,” Minister Mary Schryer said. “This will make it easier for families to save for their children who have disabilities, while also ensuring that these savings do not affect their child’s eligibility for disability supports.”
Although not a complete exemption, the NB Government will fully exempt RDSP assets when calculating clients’ eligibility for income-tested programs such as social assistance and social housing benefits. Clients will be eligible to receive up to $800 a month from an RDSP, in addition to their social assistance. The $800 a month, as outlined by the Ministry of Social Development, will be based on the Low Income Cut-Off (determined by Statistics Canada), and will fluctuate depending on this measure.
To read the entire press release visit: http://www.gnb.ca/cnb/news/fcs/2008e1796sd.htm
For those of you keeping track, this means that we have 9 provinces who have come out in favour of the Registered Disability Savings Plan. This includes full exemptions from British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland, Yukon, and partial exemptions from Quebec and New Brunswick.
Currently BC, Alberta, Newfoundland, Saskatchewan, Manitoba, Ontario, Nova Scotia, NWT and Yukon have exempted the RDSP as an asset and/or income. Quebec and New Brunswick have exempted the RDSP as an asset but are capping the amount of income that you are allowed to withdraw from the plan (QB $305 exempt monhtly and NB $800 exempt monthly). Prince Edward Island has announced that they will exempt the RDSP as an asset and income up until the low income threshold (see www.rdsp.com for more details), and Nunavut has currently not indicated how they will treat the RDSP.
We will be updating this blog consistently and letting you know as soon as the provinces announce their intentions.
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