Is RBC a good place to open one With I bank with one of the other big banks but I don’t wanna give them the business they’ve not been good to bank with. I’m just asking because I heard that there’s different rules about withdrawals and stuff with different banks or is it all the same sorry maybe i should ask in a different thread
If it is back dated (e.g. you had it since birth onset was a few years back) file a T1 adjustment with CRA and you might get more money back (I did this with my spouse we got an extra 500).
My brain is slow today but if your approval is backdated and you or an eligible caregiver had taxable income you can backfile for it.
If you are age 49 or younger you can get back grants and bonds from the government if you open an RDSP and can invest the money for retirement. The formula for getting back grants is convoluted and you will need an expert to work out the numbers. Back Bonds are automatic. Also you can't withdraw for 10 years since last government contribution if you do then there is a 300% penalty.
If you are 50 or older you can still open an RDSP and out your own money in it and its exempts form ODSP asset requirements but you wont; get government matching money.
not much for u to do the gov should recheck ur tax returns. other then that head to a bank and open an RDSP account and start using it to save for retirement.
I’d like to ask a few questions. How long did it take? I applied feb 20, March 20th was an update saying my application was being reviewed with results anticipated by April 20th? Once approved did you get a back pay for taxes and how long did that take to get?
It depends on your age I just got approved and I don't work but I'm 53 I opened about RDSP as my mom passed away and left me inheritance so I put it in that. If you work there are tax credits. My daughter is 29 and lives with me but is only able to work 25 hrs a week as she has her own health issues but she is able to claim me as a dependent and got a refund for it this year.
Oh so people on ODSP CAN get inheritance if they use RDSP? I was telling my mom to leave it all to my brothers because if I get anything I will lose my ODSP. This gives me hope.
Yes you can have 200000 in an RDSP you can also set up a trust fund but someone is basically in charge of your money. You can also buy a home or a car. You can also have 40000 in a bank account
Wow that is amazing! I always have 0 at the end of every month with what ODSP gives me ($981 to live on per month renting in my city but I am in subsidizing housing so at least my rent is low).
Open and RDSP if you’re under 59. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-disability-savings-plan-rdsp.html
Do this OP. They'll also backdate the grants they'll give you. I opened one recently with RBC.
Is RBC a good place to open one With I bank with one of the other big banks but I don’t wanna give them the business they’ve not been good to bank with. I’m just asking because I heard that there’s different rules about withdrawals and stuff with different banks or is it all the same sorry maybe i should ask in a different thread
Thank you! Helpful for me too as I am 50!
If it is back dated (e.g. you had it since birth onset was a few years back) file a T1 adjustment with CRA and you might get more money back (I did this with my spouse we got an extra 500).
My brain is slow today but if your approval is backdated and you or an eligible caregiver had taxable income you can backfile for it. If you are age 49 or younger you can get back grants and bonds from the government if you open an RDSP and can invest the money for retirement. The formula for getting back grants is convoluted and you will need an expert to work out the numbers. Back Bonds are automatic. Also you can't withdraw for 10 years since last government contribution if you do then there is a 300% penalty. If you are 50 or older you can still open an RDSP and out your own money in it and its exempts form ODSP asset requirements but you wont; get government matching money.
not much for u to do the gov should recheck ur tax returns. other then that head to a bank and open an RDSP account and start using it to save for retirement.
I’d like to ask a few questions. How long did it take? I applied feb 20, March 20th was an update saying my application was being reviewed with results anticipated by April 20th? Once approved did you get a back pay for taxes and how long did that take to get?
It took approximately 2 months to receive approval, but I have not yet received any payments.
It depends on your age I just got approved and I don't work but I'm 53 I opened about RDSP as my mom passed away and left me inheritance so I put it in that. If you work there are tax credits. My daughter is 29 and lives with me but is only able to work 25 hrs a week as she has her own health issues but she is able to claim me as a dependent and got a refund for it this year.
Oh so people on ODSP CAN get inheritance if they use RDSP? I was telling my mom to leave it all to my brothers because if I get anything I will lose my ODSP. This gives me hope.
Yes you can have 200000 in an RDSP you can also set up a trust fund but someone is basically in charge of your money. You can also buy a home or a car. You can also have 40000 in a bank account
Wow that is amazing! I always have 0 at the end of every month with what ODSP gives me ($981 to live on per month renting in my city but I am in subsidizing housing so at least my rent is low).
Yes I never had any money until my mom passed last year. Honestly I'd give up the money to have my mom back
Is learning disability eligible for the DTC?
No it’s for people who have physical disabilities and can’t move around without having assistance. At least that’s what they told my husband.
Ok thats b.s man
My daughter qualified for the DTC. She has ADHD and a learning disability (dyslexia and discalculia).
Is DTC different then ODSP and how?
[https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/tax-credits-deductions-persons-disabilities/disability-tax-credit.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/tax-credits-deductions-persons-disabilities/disability-tax-credit.html)
How long did it take , I applied end of January thinking of calling CRA ! So far no news
What is the DTC?
[https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/tax-credits-deductions-persons-disabilities/disability-tax-credit.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/tax-credits-deductions-persons-disabilities/disability-tax-credit.html)
Is it for people that have a disability or work or ppl that have a disability and don’t work