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RDSP for VETS

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RDSP for VETS Empty Re: RDSP for VETS

Post by Teentitan Wed 21 Nov 2012, 12:00

Same as me Tiger try, try, try again. And add more documentation each time.

I have found out that in the government there is multiple definitions of disabled:
VAC has their own
CPP/QPP has their own
CRA/QRA has their own
SISIP has their own (actually the TB thru SISIP)

I have a theory about disability if all 4 of the above actually aligned the moon would be pulled into our orbit and destroy the earth. Hey maybe this is the Mayan predicition for the end of the world? LOL
Teentitan
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Post by tiger660 Wed 21 Nov 2012, 11:51

My question is for RDSP Specialist. I am 52 years old and I am from Québec. I get half of my pension from CPP and the other half from QPP. 5 years ago I was declared invalid by a doctor from the QPP. I am not missing any limb, or blind or a wheelchair, but my body is very beat up that is why I was declared invalid. I tried to claim that on my income tax, but they (Québec Government) said no, I did not qualified. I found that to be ridiculous the same Government say yes you are invalid but no you cannot have the tax refund. Anything I can do with that? Thank you.

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Post by Teentitan Tue 20 Nov 2012, 21:40

Thanks. Might be something for a dependant of an injured vet who is special needs. Will take it up with VAC.
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Post by Guest Tue 20 Nov 2012, 20:33

Definately an incentive for the young to save as there may not be anything around in the future for them otherwise.

I think of it more for parents that may not be around for their disabled child, for them to have the means to pay for a place, a caregiver, or whatever medical expenses there might be after their parents are gone or are no longer able to support them financially.

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Post by Teentitan Tue 20 Nov 2012, 20:24

RDSP Spec this government program was meant for young handicapped persons correct?

If I remember it was meant to be a back up savings plan for them so it was never really meant to be a tax shelter but an incentive for the young to save money.
Teentitan
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Post by Guest Tue 20 Nov 2012, 19:26

yup thats exactly what i thought.
propat

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Post by Guest Tue 20 Nov 2012, 19:17

If you are already over 50, then all the RDSP is good for is tax deferred savings until you are 60 and the income earned on it does not affect any provincial social programs. (special rules in NB & QC)

You can only miss out on the grants and bonds if you wait to setup a RDSP until you are in your 50th year.
The reason for the "early age" cut off is due to the rule that they have in place, that the funds cannot be touched until the grants and bonds have been vested for 10 years. Since the money starts coming out like a pension plan at 60, the grants and bonds have to be in there 10 years prior; hence the 49 year age cutoff for grants and bonds.

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Post by Guest Tue 20 Nov 2012, 19:06

yaaaaa im no rdsp specialist so maybe you can explain to me how you can miss out on that much free money when the goc stops contibuting to it after the age of 49.
propat

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RDSP for VETS Empty RDSP Criteria

Post by Guest Tue 20 Nov 2012, 18:30

To qualify for the RDSP you must:
1. Be a Canadian Resident
2. Have a Social Insurance Number
3. Qualify for the Disability Tax Credit - Discussed further down below
4. Be under the age of 59

To qualify for the grants and bonds, you MUST have the RDSP set up in the year you turn 49. i.e. if you turn 50 in 2013, you better set it up before the end of 2012, otherwise you can kiss up to $15,500 in FREE money goodbye!

I have read that some are missing a limb/limbs. I have a number of clients that never had the DTC for all these many years that they were missing limbs, and after seeing me, they got it. It all has to do with the way the Dr fills out the T2201. I even have clients that have Type 1 diabetes that have the DTC because they quailify under the life sustaining therapy portion of the DTC. Dr don't realize that the folks at CRA are not Dr and hence, you cannot speak Dr speak to them. The T2201 needs to be filled out in a specific way to have CRA understand. Telling them that you are missing a leg and that you walk using a prosthetic, does not get across that you cannot wear the prosthetic 24 hours a day. They don't get it.

If you want more info, let me know what area of the country you are in and I can probably find someone in your area to help you out with the RDSP and maybe even the DTC.

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Post by Teentitan Tue 20 Nov 2012, 11:00

Thanks Sapper will probably do that next year. Sorta swamped with other issues until at least January. LOL
Chimo!
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RDSP for VETS Empty rdsp?- need T2201 disability tax credit...

Post by Sapper Zodiak Tue 20 Nov 2012, 10:07

Hey Teen...I fought Revenue Canada for 4 months until I was approved for my T2201 disability tax credit. I won on the grounds of Cumulative Disability. I dont know your sitch, but if you have a few issues you can add them up, write a good letter, and apply. They tend to look at you as a sum of parts...this sorta works that sorta works...your OK. But add up the broken parts and perhaps they will get the picture. Your Dr. has to confirm same. Good Luck
Chimo

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RDSP for VETS Empty RDSP is not a tax shelter...

Post by Sapper Zodiak Tue 20 Nov 2012, 10:00

FYI- the RDSP is not a tax-shelter like RRSP's are. The RDSP is a good scheme if you are young and can take advantage of time. The grant and bond are all subject to income amounts received from other sources. The scheme can be contributed to until your 49th year. You can also backpay to 2008.

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Post by Guest Tue 20 Nov 2012, 09:47

Good post . I did not know about the rdsp, can you buy back years????

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Post by Guest Tue 20 Nov 2012, 01:10

wow i wonder how they are gona get arround the blind folks?maybe they will say they can see almoast as good as anyone elce in the dark.
propat

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Post by Teentitan Tue 20 Nov 2012, 01:05

On the advice of many that was the same answer I got twice. Then they took away my buddies CRA disability credit because he can walk 100 metres with the aid of an artificial leg!

Just saying CRA is and continues to crack down on the disability tax credit.
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