Advice From Reegan Financial
Is the Registered Disability Savings Plan worth it? In theory, the RDSP makes a whole lot of sense. Over a lifetime, the federal government can contribute up to $90,000.
The Ontario Disability Support Program (ODSP) provides social assistance for adults with disabilities in financial need. It provides income and health benefits for those who qualify.
The Ontario Disability Support Program (ODSP) has a fairly complex set of guidelines that determine who is eligible for the program. However, there are two basic areas that determine whether a person with a disability qualifies for ODSP from a financial perspective: their assets and their income.
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A single person without children living on their own can expect to receive approximately $1,168.27 a month as a recipient of the Ontario Disability Support Program. Not a lot of money when you consider the cost of living.
You have an adult son or daughter who is receiving assistance from the Ontario Disability Support Program (ODSP) and you know leaving them with an inheritance in their name after you die could easily spell the end to their ODSP benefits.
Understandably, parents of children with disabilities want to make sure their child will be okay when they can no longer parent. Making sure their child is financially secure after they are gone is one of the biggest challenges parents face.