RDSP and Legacy 150
The Peterborough Poverty Reduction Network is funding the “RDSP Project” to increase the number of applicants who successfully open a Registered Disability Savings Plan and grow their savings.
We see the RDSP as a valuable tool for reducing poverty in the long term for eligible individuals living with disabilities because:
· the federal government is providing very generous grants annually based on contribution amounts and household income up until age 49
· the federal government is providing a bond annually based on an income test up to the age of 49 for those with the lowest incomes even if the individual makes no contribution to the plan
· contributions can be made to an RDSP up until age 59
· an RDSP provides an alternative for families saving for the future of a disabled family member (deposits accepted until age 59)
· the growth of the money is tax sheltered until it is withdrawn
The RDSP is an extremely important tool to improve future income security for eligible individuals receiving (or likely to receive) social assistance because:
· the provincial government does not count an RDSP as an asset when determining eligibility for social assistance
· the provincial government does not count contributions from others to an RDSP or payments from an RDSP as income for those on social assistance
Please contact Trish Campbell, RDSP Project Developer, if you would like further information regarding how to open an RDSP. We will offer both public information sessions and one-to-one support.
Thank you to Crestwood Secondary School students for fundraising for PPRN over the Christmas season! Their work will help PPRN provide snacks for children in day camps this summer.