Registered Disability Savings Plan
Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future. With written permission from the person who manages the Registered Disability Savings Plan (RDSP) , anyone may contribute any amount to the Registered Disability Savings Plan (RDSP) each year, up to the lifetime contribution limit of $200,000.
The person with a disability for whom the Registered Disability Savings Plan (RDSP) is opened (the beneficiary) may also be eligible for grants and bonds to help with long-term savings.
The Canada Disability Savings Bond is money the Government deposits into the Registered Disability Savings Plan (RDSP) of modest-income Canadians. Beneficiaries who qualify for the Bond can receive up to $1,000 a year, depending on their family income. There is a limit of $20,000 over the beneficiary's lifetime. Bonds are paid into the RDSP until the end of the calendar year in which the beneficiary turns 49 years of age. Beneficiaries are eligible for the Bond even if no contributions are made to the RDSP.
The Canada Disability Savings Grant is money the Government deposits into Registered Disability Savings Plan (RDSP) to help people with disabilities save. The Government provides grants of up to 300 percent of contributions, depending on the amount contributed and the beneficiary's family income. The maximum grant is $3,500 each year, with a limit of $70,000 over the beneficiary's lifetime. Grants are paid on contributions made to the RDSP until the end of the calendar year in which the beneficiary turns 49 years of age.
Since launching the Registered Disability Savings Plan (RDSP) in 2008, over 100,000 plans have been opened across Canada, and the Government has contributed over $1 billion in bonds and grants into those RDSPs.
Labour Market Agreements for Persons with Disabilities
Labour Market Agreements for Persons with Disabilities (LMAPDs) are the single largest federal government investment in helping Canadians with disabilities get jobs. Currently, there are about 300,000 interventions each year through over 100 programs, which are designed and delivered by provinces and territories. Examples of supported programs could include employment counselling, career planning, pre-employment preparation, skills training, wage subsidies, technical aids and other supports.
Economic Action Plan 2014 reaffirmed the Government's commitment to introduce a new generation of LMAPDs with an investment of $222 million per year beginning in 2014–15. The reformed Agreements are designed to better meet the employment needs of Canadian businesses and improve the employment prospects for people with disabilities.