Shane Simpson, Minister of Social Development and Poverty Reduction, has released the following statement in recognition of Registered Disability Savings Plan Awareness Month:
“October is Registered Disability Savings Plan (RDSP) Awareness Month in British Columbia. More than 31,000 people with disabilities have opened an RDSP in B.C., giving our province the highest per capita enrolment rate in Canada. This month is an opportunity to further increase awareness of RDSPs and how they can help to ensure a stable and independent financial future for people with disabilities.
“Right now, 40% of eligible people have signed up, which means there are still tens of thousands of British Columbians who are qualified but don’t have an RDSP yet. We want to make sure that every eligible person knows about this savings plan and how to access the resources and support to sign up.
“RDSPs are an excellent savings tool that help people with disabilities, and their families, plan a financially secure and independent future without affecting disability assistance. Anyone under the age of 60 who qualifies for the disability tax credit can open an RDSP. The federal government matches up to $3 for every dollar deposited through the Canadian Savings Grant program — up to $3,500 annually to a lifetime maximum of $70,000. People with low incomes can also receive a Canada Savings Bond of up to $1,000 annually, to a lifetime maximum of $20,000, even if they aren’t able to contribute.
“Reducing poverty is a major challenge for our province. The RDSP is a valuable tool that can help to address poverty for people with disabilities. It’s an opportunity for people with disabilities to have some peace of mind, knowing they will have savings available as they age. I encourage everyone to visit RDSP.com to sign up or help someone start an RDSP today.”
- More than 926,100 British Columbians aged 15 to 64 years, almost 25% of the population, identify as having a disability.
- The federal government launched the RDSP in 2009.
- B.C. continues to lead Canada with the highest per capita uptake of RDSP in the country:
- 40% of eligible people now hold an RDSP (31,000 British Columbians).
- The average value of an RDSP in December 2017 was $24,300 — $2,050 above the national average.
Registered Disability Savings Program: www.rdsp.com
Registered Disability Savings Plan action group and guide: https://www2.gov.bc.ca/assets/gov/family-and-social-supports/services-for-people-with-disabilities/supports-services/registered_disability_savings_plan_guide.pdf
B.C. government accessibility initiatives: www.gov.bc.ca/accessibility
B.C. government services for people with disabilities: https://www2.gov.bc.ca/gov/content/family-social-supports/services-for-people-with-disabilities/supports-services