"So many dreams at first seem impossible. And then they seem improbable. And then when we summon the will, they soon become inevitable."
~ Christopher Reeve

Tuesday, December 18, 2007

The RDSP ... Just Another RRSP?

As important as they are, I know its time to move on to some new topics, beyond the Registered Disability Savings Plans (RDSP) and the Henson Trust. But I wanted to share with you one more thing I came across today regarding the RDSP.

A few weeks ago I had posted a question on the RDSP blog. And then went merrily (after all, 'tis the season) on my way. But I went back today to check for an answer.
Michelle Says:
November 24, 2007 at 4:39 am
I have heard conflicting reports as to whether the RDSP is ‘just’ a RRSP for persons with disabilities or something more. In other words, can payments be made out of the plan to the beneficiary before the beneficiary reaches the age of 60 or only after?
Thanks for all your hard work with this.

Dennis Mullins Says:
November 27, 2007 at 2:09 am
Payments can be made out of the plan before age 60 but any grants or bonds plus accrued income for the last 10 years must be payed back. Also the maximum payment formula takes into account the beneficiary’s age so the younger the beneficiary the smaller the maximum yearly withdrawal.
Unfortunately, I'm not familiar with who Dennis is so you might want to take his response with a grain of salt. But for what it's worth, it's probably as close to a real answer as I've really gotten to that question yet. Still, I hope to have a better 'source' on the issue in the near future. In the meantime, once again, now you know what I know.

1 comment:

Eddie Law said...

Michelle, Your blog is very informative an practical. I believe many parents will be benefited.

Keep up the good work.

I find you very kind as you let go your legal career to serve the needed children.

I can feel that...You are Kind hearted.