November 30, 2020 – Feds Announce Changes to RDSP

by | Nov 30, 2020 | Industry Updates

The government confirmed in the Fall Economic Statement, that it is making provisions for people who experience “episodic disabilities”. As of January 1, 2021, when a beneficiary becomes ineligible to receive the Disability Tax Credit (DTC) the Registered Disability Savings Plan (RDSP) will be able to remain open. Under current legislation, when a beneficiary is no longer eligible for the DTC, all contributions into the plan must cease. Generally, the RDSP must be closed the following calendar year (the first full year the beneficiary is not eligible for the DTC).  For more details read Government moves ahead with relief for RDSP holders who lose DTC eligibility | Investment Executive

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