Financial Literacy Month-BMO's Tip of the Day: Harness the Power of the Registered Disability Savings Plan (RDSP) to Ensure Long Term Financial Stability
RDSP-E-C-T: Find out More About the RDSP and Financial Literacy
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/21/11 -- To mark Financial Literacy Month, which was launched by Finance Minister Jim Flaherty, BMO is releasing a series of financial tips throughout November. As part of Making Money Make Sense and BMO SmartSteps, BMO's tips are designed to help individuals and families save and manage their day to day finances more effectively.
BMO's Tip of the Day: The Registered Disability Savings Plan (RDSP) is a powerful investment option that can offer long-term financial security for persons living with a disability.
"The RDSP was introduced by Finance Minister Jim Flaherty and is a great savings vehicle which helps families manage the financial costs associated with having, or caring for someone, with a severe disability," said Mark Steward, Director, Product Development & Management, BMO Investments Inc. "As the first bank to introduce RDSPs, BMO feels a special responsibility to educate Canadians about the advantages they provide. The financial costs associated with having, or caring for someone, with a disability can often be overwhelming and challenging. RDSPs are a solid option that can help ensure the long-term financial stability of Canadians with disabilities."
Introduced in 2008 by the federal government, RDSPs are designed to provide financial security for individuals with disabilities. The RDSP combines the advantages of tax deferred investment growth with the opportunity to receive government subsidies. It includes government incentives such as the Canada Disability Savings Grant (CDSG) and Canada Disability Savings Bond (CDSB) that could add up to an additional $90,000 per individual. The amount depends on the contribution level and family income.
What media are saying about the RDSP
"Bank of Montreal, a leader in the field from the beginning... now controls about 50 per cent of the market...The message needs to get out. The RDSP is a great program. Spread the word. Please." - Financial Post, October 26, 2011.
"It is a wonderful program... The federal government, banks, non-profit groups and health-care workers should ensure that each and every disabled person who would benefit knows about this superb program." - The Globe and Mail editorial, October 31, 2011
BMO Financial Literacy Month Tips
: Pay more than the minimum payment on a credit card balance.
: Choose a shorter amortization for your mortgage.
: Contribute to a child's Registered Education Savings Plan (RESP) as early as possible.
: Invest in a Tax-Free Savings Account (TFSA) to maximize your savings.
: Switch to weekly mortgage payments to save interest and become debt-free faster.
: Take advantage of credit card travel insurance to lower costs.
: Start early and contribute often to your investment account, rather than waiting to invest.
: Use a line of credit to consolidate high-interest debt and save on interest costs.
: Canadians can give the gift of securities and benefit at tax time.
: Students, pay off your credit card balances and take advantage of student discounts to save money.
: Pay an extra five per cent on your mortgage every year to reduce interest costs.
Secure your retirement by starting to save early and taking advantage of compounding growth.
Students can save money by ensuring they are in a no-fee student banking plan.
For more on financial literacy, BMO encourages Canadians to visit and .
Contacts:
Amanda Robinson, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
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Datum: 21.11.2011 - 17:19 Uhr
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News-ID 89815
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"Financial Literacy Month-BMO's Tip of the Day: Harness the Power of the Registered Disability Savings Plan (RDSP) to Ensure Long Term Financial Stability"
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