The Government of B.C. has proclaimed this October, the second annual Registered Disability Savings Plan (RDSP) Awareness Month.
The RDSP is a long-term-savings plan designed by the Government of Canada to help people with disabilities and their families save money for the future. The federal government matches every $1 contributed to an RDSP with up to $3 in Canada Disability Savings Grants for eligible households.
More than 20,000 British Columbians with disabilities have set up a RDSP to help them save for the future. Savings that could help them live independently later in life, buy a house or pay for future medical expenses.
British Columbia was the first province to sign on to support RDSPs when they were created in 2008, which included ensuring that money held in, or paid out of an RDSP, does not affect people’s income or disability assistance.
The total value of RDSPs in B.C. grew by almost $100 million in the past year, to $415 million. British Columbians have personally contributed $148 million to their RDSPs, leveraging an additional $281 million in federal grants and bonds. Currently, 11% of all persons with disabilities under 50 in B.C. have an RDSP, higher than any other province.
The provincial government is working with leaders in the financial and disability community to promote the uptake of RDSPs through an RDSP Action Group. The group will be sharing resources and hosting RDSP awareness events throughout October.
Financial security is one of the commitments in Accessibility 2024, a 10-year action plan to make B.C. the most progressive place in Canada for people with disabilities. RDSP Awareness Month aligns with government’s commitment to have the highest savings rate for people with disabilities in Canada by 2024.
Additional RDSP Resources: