Mackenzie offers RDSP

Mackenzie Financial has announced it will offer Registered Disability Savings Plans (RDSPs) to eligible clients.

Canadian residents under age 60 who are qualified for the Disability Tax Credit may open an RDSP. Contributions are not tax deductible, but grow on a tax-deferred basis until money is withdrawn. The lifetime contribution is $200,000 per beneficiary, with no annual contribution limit.

“This Government-assisted savings vehicle provides a new way to save for the future for individuals or families who are affected by disability,” said Mary Taylor, senior vice-president, product and marketing of Mackenzie Investments. “Contributions can be invested and grow tax deferred, and the Federal Government offers generous grants and bonds to help beneficiaries accumulate long-term savings.”

The federal government provides a matching Canada Disability Savings Grant of up to $3,500 a year on contributions, depending on the net income of the beneficiary or beneficiary’s family. The government also pays a Canada Disability Bond of up to $1,000 a year for 20 years into RDSPs for low and modest income Canadian beneficiaries.

“We are pleased to be increasing accessibility to RDSPs by making the product available through independent financial advisors,” said Carol Bezaire, vice-president, tax and estate planning at Mackenzie Investments. “We look forward to helping advisors and their clients maximize the benefits of their Mackenzie RDSPs.”

Staff

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