I LOVED this video. My siblings and I had recently opened up an RDSP for my older brother who has a developmental disability. As a first-generation immigrant, my parents have a hard time with financial literacy, and so being able to help them with long-term planning has been such a blessing. Definately going to share this video with them as well. Thank you for providing us with such valuable knowledge!
Thank you for brining awarness to this! I work for the Canadian National Institute for The Blind and this video will be very helpful for a lot of the people I work with!
SO very thankful for this video and the clear description. I have no idea why it's so criminally underused, especially when you consider that 1 in 4(or 5 depending on who you ask) has a permanent disability. It's also the only minority group that ANYONE can enter at any moment.
Thank you and thank you to the lady for the clear explanation I searched a lot for an explanation of this topic and did not find anything better than this video Thanks again
How do you not have every Canadian adult following this channel?! I just stumbled on your channel today and wow I've got some learning to do. Incredible.
Wow, great content as always, these videos should way more views, this should be taught in elementary schools. I will forward this to family and friends who I know could use this information.
Thank you for the video. I’m confused still about withdrawing. Let’s say you have a RDSP. It is 5 years old and has $20k in it, $5k you contributed and $15k the government matched. You then receive an inheritance of $50k that you want to use as a future down payment on a house but you don’t plan to buy the house immediately, so you put the $50k into your RDSP. You now have a balance of $70k in the RDSP. Then, 6 months later you find a house within your budget, locality and accessibility needs, etc. Can you easily withdraw the $50k and use it for your down payment, or are you going to have to pay back the $15k of grants that was part of the initial $20k?
I’ve been disabled and have the doc for many years now but I am57 years old now . If I open my RDSP at age 57 will I still get the bonds from the past 10 years ?
It's too bad that due to Conservative Mike Harris' 21% cut back on ODSP in 1994 most of the disabled in Ontario can't even afford rent let alone to save money. It's a shame Harper didn't pass a federal disability stipend in 2012 in stead of gifting the big banks 114 billion. The Liberal government are trying to pass a federal disability bill currently, but it is held up in the senate. Maybe it will offer some help across the country.
Question: The Canada Savings Bond given by the government. Does it have to be invested in Canadian bonds or Government bonds once you receive it? are there limits to what to can invest it in? I maybe to over thinking it. TX in advance. Great video.
I just opened mine like a month ago . Am I still waiting for a approval for it or is it opened right away ? Like I haven't got the past 10 uear money deposited or anything
For early withdrawal, you need to pay back grants from the past 10 years... is it the most recent 10 years? What if I've been depositing for 20 years and I want to take out $10K (from the first 10 years of the 20 years), do I still have to pay back the grants? Or is it, if I take out early money, the most recent 10 years of grants are hit? Thanks
Thank you SO much for offering this video. We opened an RDSP for my son who is a minor (and grants are limited to our income level). What do we need to do to enable him to get the grants/bonds once he turns 18? Do the funds go into the account automatically when he turns 18 (and is likely unemployed aka zero income?)
Hi great explanation. I have been part of the RDSP since 2008. It was explained to me by my financial institution that once I am eligible to retire say at 65, based on the amount of my pension and total house hold income the government has a calculation they preform to determine the amount of money that will be allotted to me on a monthly basis after I retire. As I understand, the more my wife and I make and bigger our pension which means the less money I will see from the RDSP. So I f I max out the RDSP at 200k, retire at 65yrs old with a cushy pension.. I may not see all the money I contributed into the RDSP before I die (hopefully not for a long long time ) :) please clarify if this is the case. Thanks!
I opened up an RDSP for my son, wish there were more withdrawal options most people will need access before 60. Can you give any information on the new developments RDSP and the new home buyers plan
Glad you made this video, Somethings here I've memorized for my Disability tax credit and RDSP, this is a good reminder. Have you made a video on what if the CRA says you are no longer eligible for the Disability Tax Credit. For me CRA says I am eligible for the Disability tax credit for 2008 up to 2025 they approved me in 2020 my disability is prolonged and permanent but I worry the CRA will reject my application in 2025 when I have to reapply for the disability tax credit.
Thanks, Minnie 😊 We haven't done one on that yet, but that's a good idea - it's frustrating that you have to be worried about that! We can try and talk about this in a future video, as we're sure a lot of other people are in the same situation.
@@stephandden The government does not want to help people with a disability in North America they make you beg and fight for it. Speaking from lived experience.
Yes I have my RDSP and I have to reapply for the disability tax credit again in 2025. Since the CRA thinks my permanent disability will go away. When it's permanent.
@@stephandden The governments in North American treat people with a disability horribly. Right now it's easier to apply for medical assistance in dying in Canada then get social assistance to be a livable income.
CDIC’s a federal Crown corporation! They exist to insure bank deposits in case of failure - on top of what we covered in this video, you can read more about them here 😊 www.cdic.ca
Please please please can you make these videos without the background music? It is not possible for me to get through the video and concentrate on what ypu are saying.
@@stephandden the more practical here is went I retired come back to my original country why?because with that $$$$ I can live there if not , live under a bridge,I will do videos taking about the1 WORLD 🌎 COUNTRY
Make sure you check to see what the account handle is! There are many spam accounts on Instagram. Our only account is @stephandden, and we'll never send you a DM first or mention crypto opportunities.
@@stephandden thanks I blocked the account. It looked just like your real account. The name had a "1" at the end. Anyway, I'm glad I found you guys now here on TH-cam!
![[UNCUT] The Loyal Pin ปิ่นภักดิ์ EP.6 (1/4)](http://i.ytimg.com/vi/m05kZ2GDKXg/mqdefault.jpg)
Do you have any questions about CDIC protection of deposits held in an RDSP? Ask away! ⬇️
Do you know where I can check how much contribution room I have left in my RDSP?
I LOVED this video. My siblings and I had recently opened up an RDSP for my older brother who has a developmental disability. As a first-generation immigrant, my parents have a hard time with financial literacy, and so being able to help them with long-term planning has been such a blessing. Definately going to share this video with them as well. Thank you for providing us with such valuable knowledge!
We’re happy to hear that - so glad it was helpful 🙏🏿🙏🏻 This account needs so much more awareness!
Thank you for brining awarness to this! I work for the Canadian National Institute for The Blind and this video will be very helpful for a lot of the people I work with!
Amazing, that’s great to hear! Thanks for watching and sharing 😊
I have a visual disability and I 100% agree! This video has been so very helpful. Thank and bless you Steph & Den! 😊🤗
SO very thankful for this video and the clear description. I have no idea why it's so criminally underused, especially when you consider that 1 in 4(or 5 depending on who you ask) has a permanent disability. It's also the only minority group that ANYONE can enter at any moment.
So glad you liked it! Seriously crazy to see how underused it is - it needs more attention!
@@stephandden Definitely. I shared it with my network so here's hoping that's a start
Thank you and thank you to the lady for the clear explanation I searched a lot for an explanation of this topic and did not find anything better than this video Thanks again
We're so glad that you found this helpful! 😊
How do you not have every Canadian adult following this channel?! I just stumbled on your channel today and wow I've got some learning to do. Incredible.
Thank you so much - we appreciate it! 😊
Thank you for this information. This was explained better then the banks❤️
We're so happy to hear that 😊
Wow, great content as always, these videos should way more views, this should be taught in elementary schools. I will forward this to family and friends who I know could use this information.
Thanks so much! We agree, thanks for sharing it 🙏🏿🙏🏻
Yess.. thanks for this topic on RDSP
Thanks for watching! 😊
Thank you for the video. I’m confused still about withdrawing. Let’s say you have a RDSP. It is 5 years old and has $20k in it, $5k you contributed and $15k the government matched. You then receive an inheritance of $50k that you want to use as a future down payment on a house but you don’t plan to buy the house immediately, so you put the $50k into your RDSP. You now have a balance of $70k in the RDSP. Then, 6 months later you find a house within your budget, locality and accessibility needs, etc. Can you easily withdraw the $50k and use it for your down payment, or are you going to have to pay back the $15k of grants that was part of the initial $20k?
Love this video quick, concise and understandable
I just got accepted for the DTC (for my son) is there anything out there with the government that helps with buying a house?
Thank you for making this video!! So very helpful for navigating this financial path for my son.
So glad that you found it helpful! 😊
I really appreciate this video!!
Thanks for watching! 🙏🏿🙏🏻
Thank you so much! I have a RDSP, this helps a lot.
So glad it’s helpful! 🙏🏿🙏🏻
Many employers do an RRSP match into a DPSP. Would be great if you could a video on that! :)
Thanks for the suggestion! 😊
DPSP???
@@breezybre2670 Deferred Profit Sharing Plan. Some employers use this to match your RRSP contributions
Thank you for making this! So helpful!
So glad it was helpful! 😊
Awesome video! Please do keep posting ❤
If the goverment approved DTC in 2024 but dated from 2016 to 2029, Can you claim 2016-2023 RDSP grant in 2024?
I’ve been disabled and have the doc for many years now but I am57 years old now . If I open my RDSP at age 57 will I still get the bonds from the past 10 years ?
Do you have any more details on converting an RDSP to a SDSP?
Great Information, Thanks!
It's too bad that due to Conservative Mike Harris' 21% cut back on ODSP in 1994 most of the disabled in Ontario can't even afford rent let alone to save money. It's a shame Harper didn't pass a federal disability stipend in 2012 in stead of gifting the big banks 114 billion. The Liberal government are trying to pass a federal disability bill currently, but it is held up in the senate. Maybe it will offer some help across the country.
Question: The Canada Savings Bond given by the government. Does it have to be invested in Canadian bonds or Government bonds once you receive it? are there limits to what to can invest it in? I maybe to over thinking it. TX in advance. Great video.
I just opened mine like a month ago . Am I still waiting for a approval for it or is it opened right away ? Like I haven't got the past 10 uear money deposited or anything
For early withdrawal, you need to pay back grants from the past 10 years... is it the most recent 10 years? What if I've been depositing for 20 years and I want to take out $10K (from the first 10 years of the 20 years), do I still have to pay back the grants?
Or is it, if I take out early money, the most recent 10 years of grants are hit? Thanks
Thank you SO much for offering this video. We opened an RDSP for my son who is a minor (and grants are limited to our income level). What do we need to do to enable him to get the grants/bonds once he turns 18? Do the funds go into the account automatically when he turns 18 (and is likely unemployed aka zero income?)
Hi great explanation. I have been part of the RDSP since 2008. It was explained to me by my financial institution that once I am eligible to retire say at 65, based on the amount of my pension and total house hold income the government has a calculation they preform to determine the amount of money that will be allotted to me on a monthly basis after I retire. As I understand, the more my wife and I make and bigger our pension which means the less money I will see from the RDSP. So I f I max out the RDSP at 200k, retire at 65yrs old with a cushy pension.. I may not see all the money I contributed into the RDSP before I die (hopefully not for a long long time ) :) please clarify if this is the case. Thanks!
I opened up an RDSP for my son, wish there were more withdrawal options most people will need access before 60. Can you give any information on the new developments RDSP and the new home buyers plan
how do withdrawals work once you reach 60?
loving the angle change guys! just wondering, will you guys do a portfolio update video and your thoughts on how the market has effected it?
Thanks so much, Alwin! Yes we can talk more about that in a future video 😊
Great video!
Thank you! 🙏🏿🙏🏻
Is there any advantage to this program after the age of 49?
Can you carry forward only years you had a DTC?
Glad you made this video, Somethings here I've memorized for my Disability tax credit and RDSP, this is a good reminder.
Have you made a video on what if the CRA says you are no longer eligible for the Disability Tax Credit. For me CRA says I am eligible for the Disability tax credit for 2008 up to 2025 they approved me in 2020 my disability is prolonged and permanent but I worry the CRA will reject my application in 2025 when I have to reapply for the disability tax credit.
Thanks, Minnie 😊 We haven't done one on that yet, but that's a good idea - it's frustrating that you have to be worried about that! We can try and talk about this in a future video, as we're sure a lot of other people are in the same situation.
@@stephandden The government does not want to help people with a disability in North America they make you beg and fight for it. Speaking from lived experience.
Just a question with CDSG, when does a beneficiary start receiving this grant? Many thanks!
I thought it was right away after the holders untimely death
Yes I have my RDSP and I have to reapply for the disability tax credit again in 2025. Since the CRA thinks my permanent disability will go away. When it's permanent.
Ha, oh man - that's annoying!!
@@stephandden The governments in North American treat people with a disability horribly. Right now it's easier to apply for medical assistance in dying in Canada then get social assistance to be a livable income.
What kind of company is CDIC
CDIC’s a federal Crown corporation! They exist to insure bank deposits in case of failure - on top of what we covered in this video, you can read more about them here 😊 www.cdic.ca
Please please please can you make these videos without the background music? It is not possible for me to get through the video and concentrate on what ypu are saying.
Does adhd count for this?
It depends on the severity - you'd want to consult with a doctor!
Ok why ear from people that I going to retired I gust going to get $1000 every mount 😊in the future do a video TFSA please
We have a video on the TFSA! 😊 Check out our ‘Investment Accounts, Explained’ playlist.
@@stephandden the more practical here is went I retired come back to my original country why?because with that $$$$ I can live there if not , live under a bridge,I will do videos taking about the1 WORLD 🌎 COUNTRY
I have RDSP it's ok but i lost 4000$ :(
Oh no! What happened to the $4,000?
@@stephandden who knows
Nice content. But why are you speaking so fast?! If you can slow down that would be great.
Oh I'm on the 1.5x playback speed lol.
Hi! I'm connected with you on Instagram. Is that really you emailing me about crypto opportunities? I'm assuming your Instagram is hacked.
Make sure you check to see what the account handle is! There are many spam accounts on Instagram. Our only account is @stephandden, and we'll never send you a DM first or mention crypto opportunities.
@@stephandden thanks I blocked the account. It looked just like your real account. The name had a "1" at the end. Anyway, I'm glad I found you guys now here on TH-cam!