All month, Access RDSP will be posting about the RDSP in recognition of #RDSPAwareness Month. This week is DABC’s turn to post, and we’re sharing this interview with one of our Access RDSP clients. Coco spoke with us about how the Disability Tax Credit and the Registered Disability Plan have positively impacted her family’s life. We hope Coco’s story encourages you to talk about the DTC & RDSP with your friends, family members, and medical practitioner!
On October 4th, the Canada Revenue Agency (CRA) released a new version of the Disability Tax Credit (DTC) Certificate (Form T2201). The DTC is a non-refundable tax credit that helps people with disabilities or their support person reduce the amount of income tax they may have to pay. Eligibility for the DTC is also a prerequisite to opening a Registered Disability Savings Plan (RDSP), which we’re talking about more than usual right now because October is #RDSPAwareness Month. Everyone should be talking about the RDSP!
Form T2201 is now lengthier—with space for medical practitioners to detail how applicants are restricted under each criteria. Medical practitioners can also fill out their portion of their form online before printing it off for applicants to sign and submit. To view the new form and learn more about how to submit an application, visit: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2201.html.
What is the RDSP? The Registered Disability Savings Plan (RDSP) is the world’s first savings plan designed for people with disabilities. Even with little to no personal contributions, government contributions can be significant. For people with low income (less than $32,028), the federal government will deposit up to $1000 each year for 20 years!
Everyone should be talking about the RDSP! Unfortunately, we know this isn’t the case. Even with the financial security that it can provide, many people who qualify still don’t have an RDSP. Being approved for the DTC is the most important thing to have before you can open an RDSP, and can allow eligible people with disabilities to access many other benefits and credits.
People with disabilities should not face disproportionate barriers to achieving financial security. This month, the Access RDSP partnership between DABC, Plan Institute, and BCANDS celebrates the RDSP by discussing its potential to reduce poverty and promote financial security.
Help Us Spread the Word! We hope you join us in spreading the word so that everyone eligible can access the RDSP. Visit www.rdsp.com to find out how you can get the word out, engage with us here on Facebook and on Twitter at @DisabAllianceBC using the hashtag #RDSPAwareness, and encourage people who would benefit from the RDSP to find out more.
Together, let’s get everyone talking about the RDSP.
Disability Alliance BC (DABC) has decided to join other nonprofits and service providers in stepping away from the social media platform X ( formerly Twitter).
Disability Alliance BC (DABC) has decided to join other nonprofits and service providers in stepping away from the social media platform X ( formerly Twitter). We will keep our account but will no longer actively use the platform, and we will not be reachable through it.