Protecting an Inheritance with the Registered Disability Savings Plan?

I was asked recently whether an inheritance could be placed directly into a Registered Disability Savings Plan ("RDSP") so as to protect those funds from the Department of Community Services. As an aside, if you're somehow not already familiar with the RDSP, you really need to be.  

As long-time readers will know, when calculating an individual's [continuing] financial eligibility to benefits under the Disability Support Program ("DSP") the Department of Community Services ("DCS") looks at both the individual's monthly income and their assets. With some specified exceptions, the Department considers any property owned by a person regarded as having value and available to meet debts and commitments as an asset.

For our purposes, there are four main ways of transferring property or money to a beneficiary under a Will. The executor will be directed to 

• transfer the bequest directly to the named individual;
• hold the funds in the type of discretionary trust used whenever a minor child is a beneficiary;
• hold the funds an absolute discretion trust [better known as a "Henson trust"] or
• direct that the funds be placed in an identified RDSP for the benefit of the beneficiary.**

Unfortunately, only two of the above will protect an asset like an inheritance from being taken into account by under the DSP. Neither a direct transfer nor the creation of the typical and well-used discretionary trust bodes well financially for any beneficiary who is [or will be] eligible for support under the DSP, as both will result in the funds being taken into account and negatively affect the beneficiary's current (and most likely) future benefits. Unfortunately, the more significant the the inheritance, the greater that negative effect will be.  

The key to protecting any inheritance from DCS is to ensure that, from a legal point of view, the funds are never placed in the hands of the beneficiary, meaning the beneficiary has no legal right, either themselves or through an agent, to access those funds, something that both a Henson Trust and a RDSP can do IF the Will is properly worded. 

The Henson Trust                                                                                                                            I am a huge proponent of the Henson Trust in such a situation as it's the safest and most effective way to make sure that the inheritance is protected from the DCS while maintaining quick and easy access to the funds for the benefit of the beneficiary. As discussed many times over the life of this blawg, this is hands down the best way to handle an inheritance for a person who is or will be receiving government benefits. 

Leave With the One That Brought You to the Dance ... or Not

I came across this little tidbit today and thought it was rather interesting - apparently PLAN has now partnered up with the Bank of Montreal with regard to the promotion of the RDSP.

The most interesting part being, I thought, the fact that there was absolutely no mention of PLAN's previous partnership with the Royal Bank around the RDSP.

Be that as it may, here's a little more info, from BMO's press release:

BMO Investments Inc. has announced that it is partnering with Planned Lifetime Advocacy Network (PLAN), a not-for-profit organization committed to ensuring the safety, security and well-being of those living with disabilities. 

The three-year sponsorship and partnership will focus on educating individuals and their families about the Registered Disability Savings Plan (RDSP). The partnership will also help those with disabilities set up RDSPs in order to help with their financial future.

Mark Start Your Calenders Engines

As you're no doubt aware, I have been offering presentations on various legal-related disability issues for a few years now.

It all started when, as I was in the process of creating the Nova Scotia Legal Guardianship Kit, it quickly became painfully obvious how few families really understood the differences between guardianship, powers of attorney and personal directives.

The need that I had identified (and which led to the creation of the Guardianship Kit) was so much greater than *just* being unable afford a lawyer in order to commence a guardianship application. There wasn't just a cost issue, there was a true information deficit.

Many years ago, someone explained to me that "there's what you know, there's what you don't know and there's what you don't know you don't know." I pondered that for a while and soon cam to realize how true it is. I also came to realize that, sadly, it's what you don't know that you don't know that is the real killer.

For example, lawyers are not taught everything there is too know about the law - it would be physically impossible to fit that much information into our little pea brains. What we are taught, beyond some basics, is where and how to find the answers to legal questions. In other words, we're taught the legal research skills needed to find the answers to those things we don't already know.

All of which is all fine and good, but what happens if a lawyer (or anyone else, for that matter) misses a potential issue? Just who is going to research the answer to a question that they don't even realize exists?

"But what does this have to do with my presentations?" you ask.

Well, I realized that not only did families need information about the different legal options available to support an adult with an intellectual disability but there was a host of other things they needed to know about - things that, in many cases, they didn't even know existed.

Two examples? The Henson Trust and the RDSP. The Henson Trust, by the way, is a particularly good example because for far too many families, no one even realizes there is an issue until the parents have died and it is too late.

And that, my friends, is what led me to the creation of the two other presentations I offer; namely, "Protecting Your Child's Financial Future" and "Government Money Most Families Leave on the Table".

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~  ~

All this to explain to you why I am so pleased to be offering, for the first time ever, all three presentations together in a one-day workshop this Saturday, Feb. 9th, in Truro.  

The event is being sponsored by Parents Supporting Parents and pre-registration is required by emailing parentssupportingparents@;live.ca or phoning 641-2020. There is a minimum donation of $5 per person to Bright Skies Day Camp for Kids with Special Needs (which, by the way, I thought was a very nice touch) and you can get more information by visiting my FaceBook page.

But the reason I am so happy to be offering all three presentations in one workshop is because there is a fair bit overlap between the topics - for example, the Henson Trust comes up in both the "Government Money Most Families Leave on the Table" and the "Understanding the Legal Options Available to Support an Adult with an Intellectual Disability" presentations and the subject of guardianship comes up in both  "Protecting Your Child's Financial Future" and "Government Money Most Families Leave on the Table", all of which can be more than a little confusing for audience members when a related yet unfamiliar topic arises during a presentation but I only have time to explain it in a very limited way.

And all this takes me to my next question - "Will I see you there?".

I hope so.

RDSP Survey Results

A while back, PLAN conducted a survey about people's experiences and concerns with the RDSP. The resuts of that suvey can be found here.

And I'm happy to say that given the few changes that were announced to the RDSP in the last budget, perhaps they are making headway.

One. Step. At. A. Time.

RDSP Information Workshops

Independent Living Nova Scotia (ILNS) is pleased to be offering free workshops throughout Nova Scotia to help you understand the Registered Disability Savings Plan.

Helping you save

The Registered Disability Savings Plan (RDSP) is a long-term savings vehicle to help you, your child, your family and others save for the long-term financial security of a person with a severe disability. Contributions to an RDSP could be supplemented by matching Canada Disability Savings Grants from the Government of Canada. The Canada Disability Savings Bond is also available for low-income families even if no contributions are made. RDSPs can be opened until the year the beneficiary turns 59 and Grant and Bondcan be received until the year they turn 49.

You have questions; we have answers.

To schedule a workshop in your area or for more information please contact ILNS at 453.0004.

We can also be reached toll free from anywhere in Nova Scotia at 1.877.310.4567

2011 RDSP Update

It is a pleasure to announce another new feature to our web site – videos about the Registered Disability Savings Plan (RDSP), the Canada Disability Savings Grant and the Canada Disability Savings Bond in American Sign Language (ASL) and Langue des signes québécoise (LSQ). The Office for Disability Issues developed these videos to provide members of the Deaf and hard of Hearing communities with general Program information. These videos are equipped with closed captioning and voice narration.

Also, as you may have read in the information kit recently mailed to you, the Government of Canada introduced two improvements to the RDSP, the grant and the bond that provide more flexibility to Canadians with disabilities and their families when saving for the future.

• Effective January 2011, individuals can claim unused grant and bond entitlements from the past 10 years (starting from 2008, the year RDSPs became available). This applies to new and existing plans.

• · As of July 2011, parents or grandparents will be able to arrange for some or all of their retirement savings to be transferred, tax-free, to the RDSP of their financially dependent child or grandchild when they pass away.

More recently, in Budget 2011, the Government also announced a new provision that gives more flexibility to people with shortened life expectancies when making withdrawals from their RDSP. This measure is effective as of June 26, 2011.

The contents of this information kit have recently been added to the “In Focus” box on our web site.

We invite you to visit www.disabilitysavings.gc.ca to use these tools to promote awareness about the RDSP, grant and bond among your membership. Information about the RDSP, the grant and the bond continues to be available on our web site, or by calling 1 800 O-Canada (1 800-622-6232). TTY users may call 1-800-926-9105. A detailed brochure – available in alternate formats such as large print, Braille, audio cassette, CD, DAISY, and computer diskette – is also available by calling these numbers.

Should you wish to make an inquiry by e-mail, please send your message to rdsp-orgs-reei@hrsdc-rhdcc.gc.ca.

Kindly,

RDSP, Grant and Bond Outreach Team

My apologies for mostly just passing on information received from others recently.  But it is good information and I try to tell myself that it's better to pass along such material then to post nothing at all. 

It's not that I don't have stuff of my own to write about, it's just that life can be ... complicated, at times.

RDSP 3-year Review

I see our good friends at PLAN are conducting a 3-year review of the RDSP.

So if you've opened one (whether for yourself or someone else), please head over there and fill out their Survey.

It'll only you take you but a minute or two. Promise.

And I'm kind of thinking we most likely owe it to them, considering all the hard work they've done for us.

Press Release - 2011 Federal Budget Recognizes More Needed for People with Disabilities and Families

FOR IMMEDIATE RELEASE

June 6, 2011, Toronto – ON. The Federal Budget tabled today before the House of Commons recognizes that more needs to be done to support people with disabilities and their families. CACL’s President Bendina Miller welcomed the budget measures and expressed: “Today’s budget takes modest steps to address the needs of people with disabilities and their families. It recognizes that: families and caregivers are at the core of supports to persons with disabilities and that more needs to be done to support them in this role; improvements are needed to the RDSP to ensure people with intellectual disabilities are able to enjoy equal benefit of the savings mechanism without jeopardizing their legal capacity; and, that new investments are needed to address the long-standing exclusion of people with intellectual disabilities from the labour market.”

CACL is encouraged by the inclusion of disability issues in this Federal Budget and is hopeful these new investments are first steps in developing a more comprehensive national disability strategy. In particular, the Federal Budget commits to:

• Enhanced support for families and caregivers through:

o a new Family Caregiver Tax Credit, a 15-per-cent non-refundable credit on  an amount of $2,000
o removing the limit on the amount of eligible expenses that caregivers can claim under the MedicalExpense Tax Credit
o a Children’s Arts Tax credit – with an enhanced component for children eligible for the Disability Tax Credit.

• Improving Labour Market Outcomes

o A $3billion investment over 6 years for new Labour Market Agreements to address gaps and improve labour market outcomes for under-represented groups.

• Improving the Registered Disability Savings Plan (RDSP) by:

o Increasing withdrawal flexibility for those with shortened life expectancies.
o Conducting a 3-year review to address issues raised by Canadians with disabilities and their families including a specific recognition of contract/legal capacity issues some adults with disabilities have encountered in trying to open and manage a RDSP.

“Employment is a major issue for people with intellectual disabilities. Something isn’t right when employment rates for working-age adults with intellectual disabilities are one-third of the employment rate of people without disabilities and when the average income for working age adults with intellectual disabilities who are working is less than half of that of Canadians without a disability. Canada needs to take a serious look at how to improve inclusive labour market outcomes for people with intellectual disabilities. This Budget is one step in that direction.” said CACL Executive Vice President, Michael Bach. “CACL looks forward to working in partnership with the Government of Canada in realizing these new investments and identifying the next steps to build strategically on these investments.”

About the Canadian Association for Community Living

The Canadian Association for Community Living is a Canada-wide association of family members and others working to advance the human rights and inclusion of persons of all ages who have an intellectual disability. CACL’s federation is comprised of 10 provincial and three territorial associations, 420 local associations and over 40,000 members.

For more information, please contact:
Michael Bach, Executive Vice-President, 416.209.7942, mbach@cacl.ca

Anna MacQuarrie
Director, Policy and Programs
Canadian Association for Community Living
Kinsmen Building, York University
4700 Keele Street
Toronto, ON M3J 1P3

Tel: 416-661-9611 ext 204
Fax: 416-661-5701
amacquarrie@cacl.ca
www.cacl.ca

On The Road Again

AKA ... another effort at shameless self-promotion.

This Saturday, November 13, 2010, I will be giving a presentation on Guardianship and Financial Planning Issues from 10:30 - 12:30.  The presentation is sponsored by Bright Beginnings Early Intervention Program, located in Lawrencetown, NS.

The intent is to provide a family information session on the issues of guardianship, the Henson Trust and the RDSP. My plan is to provide an overview of all three topics and the contact information for those in Nova Scotia who are most knowledgeable on each issue.  Of course, there will also be a time for questions and answers on all of the above topics.

Although sponsored by Bright Beginnings, this free event has been graciously opened to the community.  For more information, please contact Dennise Sorette at 584-2000.
 
Update: As an aside, those attending the session will be able to take a look through the hard copy version of The Nova Scotia Legal Guardianship Kit.  That's right, it's finally completed.  Unfortunately, I am still attempting to work out some of the issues involved in selling the Kit through a website but you are welcome to flip through the hard copy, if you like.

Focus, People, Focus

Meaning that I attended a focus group last night.

Apparently the federal government will be starting a new ad campaign for the RDSP.  A print ad campaign (think magazines and newspapers), in particular and they were looking for different groups of people (in this case, parents of individuals) who would be eligible for the RDSP to try out some of their ideas on.

It was an interesting evening (yes, in part, because we were paid well for our time) to see both how many people were not even familiar, had not even heard of the RDSP and the different reactions to the different types of ads.  Would you believe that out of a group of 9 individuals, 5 had never heard of the RDSP? Pretty depressing from my point of view...

They did have some good ad ideas, though.  And, of course, some not so good.  One in particular that I really liked showed a mother and daughter with a headline that read "I'm afraid planning for her future".  I found that headline really effective, with the word "afraid" crossed out and replaced by "planning".

So here's to hoping this ad campaign gets going soon and more and more people become familiar with the RDSP.  Wouldn't it be great to get to the point of the RDSP being a familiar a term as the RRSP or RESP?

Ah, well, a girl can always dream ...

Hear Ye, Hear Ye

Thanks to PLAN and the Investment Education Fund, there is now a new Step by Step Guide (to becoming eligible, opening and managing your Registered Disability Savings Plan) available now for free download.

The Guide has been written and designed in plain language for people with disabilities and their families and will walk you through all the steps necessary for becoming eligible, opening and managing an RDSP.

All ten steps, in case you were wondering. Although to be fair, there's only six steps involved in actually opening the RDSP. The remaining four steps cover issues like investing your money, updating your Will, protecting yourself and planning the road ahead - all good ideas.

So use it. And pass it on to others who might use it. Pretty please.

Questions, Questions, Questions

I know, I know.

I am still not exactly being prolific in my writing over here - okay, I'm not writing much at all at the moment.

So, for now, I'm afraid you will have to satisfied with some tidbits, here and there, as they come.

Speaking of which, here's one for you - a RDSP Frequently Asked Questions sheet from Compas.

H/T to Adrian's comment at the RDSP blog

Practical Applications - Payments from the RDSP

I know that posts have been light (to non-existent) around here lately but I hope to remedy that soon. My excuses (such as they are) are my health over the last few months and the fact that I am still (at least semi) diligently working away on the Guardianship Kit. Which is nearing completion. Honest.

I can throw you this tidbit though (thank goodness for Jack and the rest of the crew at PLAN) - when and how payments can be made out of a RDSP can be a very confusing subject. In fact for many, including me, it's very tempting just to know there's a formula involved and skip the rest of it for now, deal with it when the time comes.

But knowledge is power. And in this case, it is important to know the limits of the RDSP. Don't get me wrong - I believe it is a very good vehicle for the disability community. But it can't be the only tool in your financial tool box. You really need to look at using the RDSP in conjunction with other tools (such as the Henson Trust, for example) in order to provide for the future.

But here's what I wanted to share with you - the RDSP blog has just posted a chart explaining how and when payments can be made out of the RDSP.

And please don't forget one of the most important points (which is not covered in this table) -just how limiting the formula is when it comes to the dollar amount of any lump sum payments taken from the Plan.

Good News on RDSP Front

I just moseyed over to the RDSP blog and came across some good news.

Apparently the most recent Federal budget dealt with the RDSP. Who knew?

First:

In recognition that families of children with disabilities may not be able to contribute regularly to their Registered Disability Savings Plan (RDSP), Budget 2010 proposes to allow a 10-year carry forward of Canada Disability Savings Grant (CDSG) and Canadian Disability Savings Bond (CDSB) entitlements. In event of delays of opening a RDSP as a result of the complex guardianship processes that are in place in some provinces, the proposed carry forward will preserve a
beneficiary’s entitlement to CDSGs and CDSBs so that they are available when a plan is opened.

Then:

In the Budget, the government is also encouraging all provinces to look at introducing more streamlined alternative processes to formal guardianship arrangements, such as those in place in British Columbia.

And finally:

To provide parents more flexibility in ensuring that their savings may be used to support a disabled child, when they are no longer able to support the child, Budget 2010 proposes to allow a deceased individual’s RRSP or RRIF proceeds to be transferred, on a tax-free basis, to the RDSP of a financially dependent infirm child or grandchild.

The rollover provisions not only offer a way to provide for a disabled family member after you're gone, but can also involve a potentially large tax saving - instead of the entire amount in an individual's RRSP or RRIF becoming taxable income the year they die, the funds can now be passed into an RDSP, with no tax payable. And when the funds are eventually withdrawn from the RDSP, they will be taxable in the hands of the beneficiary, at the beneficiary’s tax rate. You can get more information abut this at the RDSP blog.

Although as an aside, I might just note that although the RRSP rollover is certainly a step in the right direction, I, for one, would really like to see the federal government allow the rollover of RESPs into RDSPs for our kids.

The second change is the ability to carry forward entitlements for the Canada Disability Savings Grant and Bond for up to 10 years. Which means that someone opening a plan now will be able to claim the Grant for both 2008 and 2009.

Most of us are, unfortunately, pretty familiar with the issue around guardianship and the RDSP. And well aware that because the laws governing legal representation are provincial, unlike BC, families in Nova Scotia do not have the benefit of Representation Agreements.

And although PLAN has proposed various short term solutions to the federal government to deal with this issue, the feds apparently prefer for it to "be done right" and wait for the provinces and territories to make the necessary legislative reforms. The new carry forward rules will at least mean that people will not be penalized while we await movement on that issue.

For each province to implement something resembling British Columbia's Representation Agreement does appear to be the best option. As noted on the RDSP blog, people with disabilities, families, seniors and others who have used Representation Agreements certainly seem to report positive experiences with these Agreements.

And as also noted on the RDSP blog, Canada's recent ratification of the UN Convention on the Rights of People with Disabilities should provide an added incentives for provinces to take another look at the Representation Agreement.

And, so, it marches on.

Busy With ...

My apologies for the sparsity of posts around here lately.

But I do have an excuse. Or two.

Between working on guardianship documents to use as precedents, helping a few families with their efforts to obtain guardianship and bidding on a federal government contract to provide outreach and education to persons with disabilities and their families around the RDSP ... yeah, it's been a mite busy around here.

Okay, okay, in the interest of full disclosure, there was the Olympics, too. But we won't go into that here.

Still, I'm thinking you all might just forgive me. Especially when I actually complete the guardianship package.

Practical Applications: Limitations on Powers of Attorney

Continuing our discussion of the issues involved in a person with a disability executing a Power of Attorney (POA) in favour of the parent instead of the parent having to go through the guardianship process, I offer a few more thoughts on the limitations of a POA.

First of all, as was mentioned in passing before, it must be remembered that if a person is capable of granting a legally valid POA, they are equally capable of revoking it. Which means that you, as the parent, need to be beware that down the road, your child would be allowed to legally change his mind and revoke the POA. As long as you recognize and are prepared for that possibility, then it's okay.

BUT. Big BUT here, before you think you are comfortable with that possibility, that either it wouldn't happen or you would be able to sit down and convince your child not to do this, consider this.

Our adult children who are relatively high functioning, who might be able to get away with signing a POA, are also the ones at the most risk of being taken advantage of others. Because they are higher functioning, they will be out in the more community more, involved in some form of work and leisure activities, and they could be a prime target for unscrupulous individuals who want to take advantage of them. Who could, perhaps, convince them that their parents are interfering with their Independence, are treating them like a child and not an adult, and that they are more than capable of handling their own life and business. And if that person happens to be of the opposite sex, you can throw a dose of hormones into the mix. Which raises the risk of your POA being revoked and your adult child "managing his affairs" with the help of a not quite so honest 'friend'.

Secondly, since a POA only covers financial matters, if a person were to go this route, they need to consider whether they child should sign some form of personal directive, as well. [See this discussion as to the distinction between what is authorized under a POA as opposed to a personal care directive. And you can find the Personal Directives Act here.] This would allow the parent to make decisions for their child around issues of medical and personal care. Although keep in mind, that the same standard of competency as would be required to execute a POA (whatever that might ultimately be) would also be required to execute a valid personal directive.

My last thought (for today anyway) on the possible limitations of a POA, involve the Registered Disability Savings Plan (RDSP). If one of the reasons you want a POA in order to open a RDSP for your adult son or daughter, remember this. Since this wouldn't be a guardianship situation, that means the RDSP will be opened in the name of the adult child. Which raises the question of whether a person holding a POA can just walk into a financial institution and open a RDSP on behalf of another. Perhaps they can.

Although I would hope that a financial institution might require a bit more than that. Like actually wanting to see (or at least speak with) the person with the disability. Which, if that were required, would be fine as long as the disabled person appeared high functioning enough to not cause the bank any concerns. But if they come across as too challenged, a savvy bank rep is likely going to question both their competency to open the RDSP and the validity of your POA.

As I said, I'm not sure how much of an issue this might actually be in practice. Particularly as I hear some anecdotes of how some financial institutions are handling (or not handling) the process of opening RDSPs. Still, I think it's something to keep in mind.

That being said, I would be remiss not to point out that the whole issue of the need for guardianship around RDSPs is being looked at by both the federal government and PLAN with the intent of to eventually come up with a solution that would allow parents to be plan-holders for their adult non-contractually-competent children. And that, in the interim, at least some banks are accepting the argument that if the person has assigned the parent to be his representative for dealing with the Canada Revenue Agency (a process easily done), that will qualify as "a guardian, tutor, or curator of the beneficiary, or an individual who is legally authorized to act for the beneficiary". Which, it appears that at least some Canada Revenue Agency representatives appear willing to accept this situation for the moment.

None of which the lawyerly part of me would recommend. That some banks are willing to fudge the rules at the moment and that the Canada Revenue Agency appears willing to turn a blind eye to that just doesn't inspire confidence in me. Even though I do believe that the Canada Revenue Agency is committed to the RDSP and making it work and are most likely acting in good faith in what they are doing, it still makes me nervous. But then again, I could be just a little anal. It's most likely the lawyer part of me.

~ With thanks to Audrey, who inspired much of this post with her comments ~

Hot Off The Press ... TD Bank Joins The Fray

Good news ... TD Canada Trust has announced that the RDSP is now available.

And with Scotiabank expected to come on board in a mere few weeks (November 23, 2009), that brings to five the number of banks which will be offering the RDSP nationally.

With totals apparently nearing close to 20,000 accounts opened and nearly $40 million distributed through Canada Disability Savings Grants and Canada Disability Savings Bonds. Yep, that's right, I said $40 million distributed from the Federal Government to individuals with disabilities.

And, as Doug advises us at the RDSP Blog, the banks are now starting to become more streamlined around setting up the RDSP and receiving Federal Government contributions into the plan. Which is very good news, indeed.

If You Really Need To Know ...

Well, it's official. I am sick and tired of being sick and tired.

But for those of you with a burning desire to get even more intimately acquainted with the intimate details of the RDSP before (or after) taking the plunge, might I recommend this article by Jamie Golembek, entitled "Planning with Registered Disability Savings Plans", in the Canadian Tax Journal.

The article comes recommended by Doug at the Registered Disability Savings Plan Blog. Which is about as good of a recommendation as you're going to get.

And with that done, I'm heading back to bed.
Send chicken noodle soup. Please.

'Shaking My Head'

Six months ago, I opened a Registered Disability Savings Plan (RDSP) for my oldest daughter.

Deposited the amount ($1,500) that would garner the highest government contributions for the year. It's not like I would be able to deposit that much (or necessarily any) ever year but while I had access to the funds it seemed like a good idea. Sure, there were a few problems with the process at the time but I still felt like I had make a good choice.

Yesterday I went back to the Royal Bank to open a second RDSP for my youngest daughter. Which reminds me, as a side note, don't ever let anyone tell you that an individual with 'just' a learning disability will not be eligible for the Disability Tax Credit. Not only are they eligible but I have the living proof in my own home.

Dealing with the same sales rep as previously, we got to chatting. I suggested that he should be a pro at opening RDSPs by now. And was very surprised when he told me that he had only opened one more after mine (which was his first).

Six months and he had only opened one other RDSP?

So we chatted some more. Guardianship (and the cost of obtaining same) was definitely an issue for some of those whom he had talked to. I can certainly understand that. Some have real philosophical objections to the issue. Others simply can't afford the cost of hiring a lawyer. Those are legitimate issues. Ones which I hope to see progress on in the near future.

As a matter of a fact, I know of one family locally who is preceding with a guardianship application on their own. Well, not entirely on their own. With a little bit of help from their friends. It always helps to have precedents to work off. Still, it will be interesting to see how well it works for them.

I am pretty sure that judges are not use to see individuals applying for guardianship appearing on their own. Without legal counsel. Oh, the travesty. Hopefully, it will open the door to others taking the same course. I will let you know how they make out, if that's okay with them.

But back to my story. A little later, I asked the sales rep if he could tell me the current balance in my oldest daughter's RDSP. The one I had opened and made a one-time deposit of $1,500 in last February.

Would you believe it was over $6,000?

Not a bad return on investment for $1,500 deposited 6 months ago. I deposited the same amount ($1,500) in my youngest daughter's RDSP yesterday. And now I will sit back and watch it grow.

So here I sit shaking my head. Other than the guardianship issue, I honestly don't understand why more people aren't making use of the RDSP.

Hello! We're talking free money here, people. If the federal government is willing to thrown free money at my child, who am I to refuse?

PLAN put a lot of time, effort and hard work into having the RDSP move from a good idea in someone's head, through the political and legislative process, to become reality. And yet my sense is that (for some reason I cannot fully comprehend) a lot of people are not making use this incredible opportunity.

What? Is there anything more you need to know?

*Walks away, shaking head*

Rumour Has It ...

Rumour has it that both TD Canada and Scotiabank will soon be offering Registered Disability Savings Plans (RDSPs).

With Royal Bank of Canada, Bank of Montreal, and CIBC all offering RDSPs to their clients, many have wondered when TD Canada Trust and Scotiabank would be offering the plans. According to a number of sources, it sounds like both financial institutions will begin offering RDSPs sometime in the fall of 2009.

With the December 31st deadline for the 2009 Grant and Bond fast approaching, these financial institutions will most likely begin offering the plan well before the deadline to ensure their clients do not miss out on 2009 federal contributions. As soon as TD Canada Trust or Scotiabank officially announce the launch of their products an update will be sent.

Which, I know for a fact, will make some of our regular readers happy.

And, just for the record, let's not forget that December 31st deadline for the 2009 Grant and Bond.