Financial Perspective – What do you know about the registered disability savings plan?
It’s a savings tool that should really be more widely known and used.
For people living with a disability, ensuring long-term financial security can be a major challenge. Their condition might interfere with their ability to earn an income or, in the case of a severe handicap, make it simply impossible. In such circumstances, the parents, spouse or other family members often step in to provide for the person. Along with the financial burden involved, this can also be a significant source of anxiety, especially in view of the fact that the disabled person might end up outliving their caregivers.
There is an effective financial tool that can help manage this type of situation: the registered disability savings plan, or RDSP.