Empire Life launches Canada's first RDSP offered by a life insurance company
"Empire Life's RDSP is designed to help Canadians with disabilities and their families build a more financially secure future," says
Similar to other registered plans, investments within RDSPs grow on a tax-deferred basis, and offer flexibility and the opportunity to accelerate savings growth through government grants and bonds. Currently, only about one-third of eligible Canadians have an RDSP1, which represents a significant missed opportunity for tax-deferred savings and government assistance.
By extending access to insurance-licensed advisors to offer RDSPs this further expands the potential for more Canadians to take advantage of the financial security offered by RDSPs.
"Applying for the Disability Tax Credit (DTC) and a Registered Disability Savings Plan (RDSP) can be complicated and confusing," says
Key features of RDSPs
-
Government grants and bonds: Up to
$70,000 inCanada Disability Savings Grants and$20 ,000s inCanada Disability Savings Bonds are available to eligible individuals. - Tax-deferred growth: Investment growth is tax-deferred until withdrawals are taken.
-
Flexible contributions: No annual limits, with a lifetime maximum of
$200,000 .2
For more information and additional resources to learn more about RDSPs and better understand how they can empower the financial future of eligible Canadians with disabilities, visit empire.ca/RDSP.
About Empire Life
Established in 1923 and a subsidiary of
|
1 Source: |
|
2 If eligible, based on family net income. |
SOURCE The