RDSP Pressure is OFF

by Graeme Treeby
(The Special Needs Planning Group)

Today Jim Flaherty, Minister of Finance, announced that the deadline for opening an RDSP, making contributions and applying for the matching Grant and the income-tested Bond for the 2008 contribution year has been extended to March 2, 2009 from December 31, 2008. The 2009 RDSP contribution year will begin March 3, 2009.

This means that there is no longer the need to rush out to BMO before December 31 to open an RDSP in order to receive the 2008 Grants and Bonds. The extension of the deadline may also allow time for additional financial institutions to enter into the RDSP marketplace thus providing families with options with respect to where the RDSP's are place.