Hannah Remillard, a recent graphic design graduate, shares her experience with using an RDSP to prepare for future financial challenges. The Registered Disability Savings Plan (RDSP) is a valuable tool for individuals with disabilities to secure their financial future.
After recently graduating from college with an advanced diploma in graphic design, Hannah Remillard knows launching her career will likely come with personal challenges. For the 23-year-old, who was diagnosed with autism as a teen after a diagnosis of selective mutism years earlier, she says her main difficulties revolve around verbal communication and socializing with her peers.
'I could face financial challenges in regards to the limitations that I can experience,' she said in a recent interview via email. 'For example, at times I have become incapacitated due to stress and require extensive time to recuperate. This could impact my employer’s ability to provide the support I require.' Remillard and her family started preparing for financial supports back in high school, when she opened a Registered Disability Savings Plan. Like a Registered Retirement Savings Plan, the RDSP is a long-term savings account where contributions grow tax-free until withdrawal. RDSPs are specifically geared toward supporting those with disabilities. Those approved for the federal Disability Tax Credit are eligible for the plan, which allows them to also receive grants and bonds from the federal government that help with long-term savings. Personal finance experts say it's an underutilized tool they highly recommend for people with disabilities, especially among those whose challenges increase the likelihood of encountering financial barriers in life. 'I recommend others to open an RDSP if they’re able to afford even the smallest amount because the government rewards contributions generously,' said Remillard, who saves $125 each month to contribute to the plan. 'The idea is to make life more manageable when we face hardships with career changes, job security, aging, and/or medical ailments.' An RDSP account holder, along with anyone who has their written permission, can put money into the plan until the year they turn 5
RDSP Disability Financial Planning Savings Young Adults
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How life as an Olympic sprinter prepared Adrienne Power for a career in financial planningAdrienne talks about dreaming of the Olympics from a young age, a life-altering event in her teens that shaped her views around money, and the qualities that she carried over from professional athlete to financial advisor
Read more »
Advice-Only Financial Planning: Challenges and RewardsThis article explores the difficulties and benefits of advice-only financial planning. It highlights the challenges of establishing a steady income, undervaluing services, and comparing fees to asset-based models. It also discusses the rewarding aspects of serving clients directly and providing valuable financial guidance.
Read more »
Experts Say Simply Copying Your 2024 Budget Isn't Enough for a Financially Successful 2025Financial experts advise that merely copying last year's budget won't suffice for achieving financial goals in the new year. They emphasize the need to review spending patterns, consider rising costs, and negotiate bills to maximize savings. Setting achievable financial goals and planning for tax obligations are also crucial for a smoother financial journey.
Read more »
Canada will soon launch a new tool to clamp down on fraudstersThe Canada Revenue Agency (CRA) will soon launch a new income-verification tool to help combat mortgage fraud. That's according to the latest update …
Read more »
The Ingenious Cutting Tool That Will Make Gifts Look Professionally WrappedCouldn’t cut a straight line if your life depended on it? You’ll love this handy gadget.
Read more »
Federal Justice Minister says notwithstanding clause should ‘always be a tool of last resort’The debate over whether and how governments use the notwithstanding clause could soon land at the Supreme Court if it decides to take a case challenging Quebec’s Bill 21
Read more »