June 4, 2009
FREDERICTON (CNB) - Individuals and family members of children with disabilities are being encouraged by Social Development Minister Mary Schryer to be aware of the advantages of new registered disability savings plans (RDSPs).
"As we mark Disability Awareness Week in New Brunswick, I want to encourage individuals to learn more about the benefits of RDSPs," said Schryer. "These new savings plans became available in early 2009, and allow families to invest in the long-term financial needs of their children with disabilities."
Similar in structure to registered education savings plans, RDSPs enable friends and family members to invest money tax-free in savings accounts for individuals with disabilities.
"This will make it easier for parents to plan for their children's future while contributing to their children's self-sufficiency, and also ensuring that these savings do not affect their children's eligibility for disability supports," said Schryer.
Social Development also announced in December that the allowable limit for documented trust funds for persons with disabilities will increase to $200,000 from $75,000.
More information about the federal RDSP is available online. Those wishing to establish an RDSP must qualify for Canada's disability tax credit.
MEDIA CONTACT: Shannon Hagerman, communications, Department of Social Development, 506-444-2416.