Anyone who has a loved one with a disability knows how important it is to plan their financial future. Having options and a solid financial plan is essential, especially if something were to ever happen to you or their primary care provider.
We’ve talked at length about how useful and important RDSPs are for your loved one with a disAnyone who has a loved one with a disability knows how important it is to plan their financial future. Having options and a solid financial plan is essential, especially if something were to ever happen to you or their primary care provider.ability. From how to qualify for an RDSP to the difference between the Henson Trust and RDSP, we hope to give our clients the information they need regarding securing their financial future.
If you’ve decided it’s time to invest in an RDSP, there’s no better time than the present. In fact, the sooner you start to invest, the better. Here’s why.
10 year rule
Investing in an RDSP in combination with the Canada Disability Savings Grant and Canada Disability Savings Bond means you have to adhere to a 10 year rule. The 10 year rule means that there are restrictions in withdrawing the money you’ve invested. Investing in an RDSP for the long-term means this 10 year rule will never really affect your ability to withdraw, so it’s important to set yours up as soon as possible.
The sooner you invest, the sooner you’ll have access to your money.
Take advantage of maturing & growing funds
Another reason to invest in your RDSP early is that it will have longer to grow, mature and gain interest. While you have limits on the amount of contributions you can make to an RDSP, investing early will ensure that you’re getting the most out of your investment.
Questions about RDSPs and other financial options for you or your loved ones? Contact Ken White and his team in Guelph today!
Source: Ken White