Registered Disability Savings Plans launched at Bloorview | Newsroom

Registered Disability Savings Plan Launch Announced at Bloorview

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Diane Finley, Minister of Human Resources and Skills Development, announced the national availability of the Registered Disability Savings Plan (RDSP) at an event at Bloorview on December 23.

Sheila Jarvis, President and CEO, was the MC for the event. “We are ecstatic that there is such an interest in this announcement and are we are thrilled to host such a significant event here at our facility,” said Sheila. The announcement also included remarks by Minister Finley, Minister Flaherty, Tom Flynn, Executive Vice-President and Chief Risk Officer, BMO Financial Group and Vice-Chair of the Bloorview Board of Trustees, and Jack Styan, Executive Director, Planned Lifetime Advocacy Network.

"The Government announced RDSPs in Budget 2007 to help parents and others set aside funds today to financially support a child with a severe disability when they are no longer able to provide support," said Minister Flaherty. "I am very pleased that this long-term financial support is now available and I congratulate the Bank of Montreal for being the first major bank to offer RDSPs.”

The announcement included an extension in the deadline for opening an RDSP, making contributions and applying for the matching Grant and the income-tested Bond for the 2008 contribution year has been extended to March 2, 2021 from December 31, 2008. The 2009 RDSP contribution year will begin March 3, 2009.

“We want to help parents and families that care for people with disabilities to save toward the long-term security of their loved ones," said Minister Finley. "The RDSP is a long-term tax-assisted savings vehicle to support the vulnerable and to provide assistance to those Canadians who face unique and difficult challenges. About 280,000 Canadians are eligible to open RDSPs."

The announcement attracted a great deal of media attention, with journalists from CBC, CTV, Canadian Press and the Globe and Mail among many others in attendance.

Additional information on the grant and bond can be found on the Human Resources and Skills Development Canada website at: www.hrsdc.gc.ca/disability.

Last updated: January 05 2009

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