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If you or a loved one is living with a disability, financial stability is certainly a thought that’s crossed your mind more than once. Uncertain physical or mental conditions can lead to uncertain futures.
Once you fill out form T2201 and get approved for the Disability Tax Credit, a disabled person may be eligible for the Registered Disability Savings Plan (RDSP). The RDSP offers families financial security for the futures of their loved ones with disabilities.
So what do you need to know before you seek an RDSP application? First, you’ll need to meet the RDSP eligibility criteria, which states:
If you meet all three conditions, you may qualify for the RDSP. For a child with a disability, the parent has the authority to establish and manage the RDSP. Note that there’s also an upper cap limit of $200,000 that can be contributed in a lifetime, though there are no annual limits on these contributions. The RDSP has no restrictions on when the funds are used, or for what purpose; some taxes may be applicable on withdrawals.
Starting to get lost? We don’t blame you – it’s a multi-faceted process that starts with the Disability Tax Credit. Our in-house team of Canadian Disability Benefits Specialists understand the Disability Tax Credit process like the back of their hand, and can get you started on your RDSP application.
Apply online, or more information on the Disability Tax Credit, form T2201 and Canadian disability benefits, call us today at 1-888-389-0080.
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