Setting Goals and Saving
Tax Free Savings Account (TFSA). This is a flexible, registered,
general-purpose savings plan that allows you to earn tax-free investment income.
More info can be found here:
http://www.getsmarteraboutmoney.ca/en/managing-your-money/investing/tax-free-
savings-accounts
Your employer may be part of the Canada Savings Bond Payroll Savings
Program. In this program, you would tell your employer how much you want
deducted from your pay cheque.
Guaranteed Investment Certificates (GIC). A guaranteed investment certificates
are a low risk investments were you lend the banks money for a defined time frame
and get a certain interest rate in return. GICs are one of the safest ways to invest.
Each of these options has pros and cons to them. If possible, a professional can
help you choose the best option for you. Your bank can help answer any questions
you have.
Registered Disability Savings Plan (RDSP)
This is a savings program for people with disabilities that are under the age of 60.
If you receive the Disability Tax Credit, you can open a Registered Disability
Savings Plan (RDSP).
Canada Disability Savings Bond
The government will also pay up to $1,000 to low income and modest income
Canadians, with a lifetime limit of $20,000. This will be paid into the RDSP until the
year the beneficiary turns 49.
Canada Disability Savings Grant
The government will match your deposits, up
to a maxi mum of $3,500 per year, up to a
lifetime maximum of $70,000 depending on
your family income. This will be paid into the
RDSP until the year the beneficiary turns 49.
Application and Questions
Contact your bank, credit union.
Contact 1 800 O Canada (1-800-622-6232)
or TTY 1-800-926-9105
or www.disabilitysavings.gc.ca
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