BCCPD Community Update
February 2013

Dear Community Partner,

The Ministry of Social Development (MSD) has made changes to the rules governing withdrawals from the Registered Disability Savings Plan (RDSP). As a result, RDSP holders have more choices about what they can use withdrawals from their Plan for without impacting their eligibility for provincial disability benefits (PWD or PPMB).

According to the new policy, RDSP holders can use withdrawals in various ways without jeopardizing their benefits. If an individual chooses to save money to buy a large item that exceeds their asset limit (a single person on PWD is allowed to have up to $5,000 in assets), they will no longer risk losing their benefits as long as they clearly document that the funds originated directly from their RDSP.

For example, Bob starts making regular withdrawals from his RDSP. He wants to save enough money to buy a $10,000 boat. Under the old rules, having more than $5,000 in the bank or owning a non-exempt asset worth more than $5,000 would mean that he could no longer receive his PWD income (under normal circumstances a boat would not be an exempt asset). The new policy allows Bob to save money and own a boat without risking his PWD.

For More Information

The MSD’s policy on assets and exemptions for the RDSP is at:

http://www.gov.bc.ca/meia/online_resource/verification_and_eligibility/assets/policy.html

Or contact us about this change or for general information on the RDSP at 604-872-1278 or toll free 1-800-663-1278

The Planned Lifetime Advocacy Network is hosting a free tele-seminar info session about the Registered Disability Savings Plan (RDSP).

Dates: January 18, 2013 or February 16, 2013
Time: 9:00-10:30am
Location: Tele-seminar
Cost: Free
Contact: inquiries@plan.ca or 604-439-9556 to register

The RDSP helps Canadians with disabilities and their families save for the future. You should consider opening an RDSP if you have a disability and are:

– Under age 60 (you must apply before the end of the calendar year in which you turn 59)
– A Canadian resident with a Social Insurance Number (SIN)
– Eligible for the Disability Tax Credit
– Looking for a long-term savings plan

To help you save, the Government will pay a matching Canada Disability Savings Grant of up to $3,500 a year on your contributions. The Government will also pay a Canada Disability Savings Bond of up to $1,000 a year into the RDSPs of low-income and modest-income Canadians. No contributions are necessary to receive the bond. Grants and bonds are paid into the RDSP until the end of the calendar year the beneficiary turns 49 years old. Money paid out of an RDSP will not affect your eligibility for federal benefits, and will have little or no impact on social assistance payments.

Funding for this information session is provided by the Government of Canada

For more info go to: www.forthefuture.ca

In today’s edition of the Vernon Morning Star, Vernon City Council spoke out in support of the Disability Without Poverty Network’s proposal for an increase to $1200 a month for people receiving provincial disability benefits.

We congratulate and thank Vernon City Council for their support of the BC Coalition of People with Disabilities and community partners in the Disability Without Poverty Network’s proposal . The increase in overall funding the Minister refers to in the article is very different from the increase that individuals have received ($120 over the last 11 years). $300 million is a fraction of BC’s total budget. Moreover, people who cannot afford safe housing, healthy food and other essentials end up costing the province more in health care and other costs.

To read the full article, visit the following link: http://www.vernonmorningstar.com/news/183428621.html