You are currently browsing the category archive for the '* Province - Nova Scotia' category.
Nova Scotia has joined the majority of provinces who are fully exempting the Registered Disability Savings Plan when calculating clients elgibility for income assistance. Nova Scotia announced this fantastic news earlier this morning and will allow Nova Scotians receiving income assistance to fully benefit from this program.
“Many people worry about what will happen when they’re no longer here to provide care for a family member who is disabled,” said Community Services Minister Chris d’Entremont. “This will give families peace of mind by allowing them to plan a more financially secure future for their relative.
There are no restrictions on who may contribute to a Registered Disability Savings Plan and no annual contribution limit. There is a lifetime maximum of $200,000 per individual fund. The federal government recently announced that the 2008 contribution year has been extended to March 2, 2009″
This means that BC, Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, Yukon, Nova Scotia, (and sounds like NWT), have all come out in complete support of the RDSP. Quebec and New Brunswick have exempted the RDSP as an asset (meaning it can grow to whatever amount without affecting Disability income assistance benefits), but have capped the amount you can receive from an RDSP monthly at $305 (QB) and $800 (NB). PEI has exempted the RDSP as an asset and income, up until someone reaches the low income threshold (go to www.rdsp.com for more details). Nunavut is yet to announce their treatment of the RDSP.
To view the official press release you can visit the Nova Scotia Department of Community Services website at http://www.gov.ns.ca/news/details.asp?id=20090211002
Make sure to take a look at the A Primer on Special Needs blog for a really interesting post on the RDSP and trusts. Michelle Morgan Coole, a really savvy legal analyst from Nova Scotia argues that the RDSP, with its raised asset allowance and treatment of income, should lead to an improvement of the treatment of trusts.
To view the article click on this link: http://specialneeds-ns.blogspot.com/2008/06/gone-gone-gone-youve-been-gone-too-long.html
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.
Recent Comments