BMO Calls for Hike in RDSP Contribution Limit
- First bank to introduce RDSP recommends lifetime contribution limit increase to $500,000 - Proposes changes to 10-year rule for accessing funds - Annual contribution deadline is December 31
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 12/13/11 -- BMO Financial Group today provided its comments and recommendations to the Government of Canada's review of the Registered Disability Savings Plan.
"When Finance Minister Jim Flaherty took the important step of introducing the RDSP, Canada showed the world how smart policy can help provide financial security and independence for people with disabilities," said Hugh McKee, President and Chief Operating Officer, BMO Investments Inc. "The RDSP is a terrific savings vehicle. We believe that increasing the lifetime contribution limit from $200,000 to $500,000 will provide both parents and contributors with even more peace of mind."
About 4.4 million Canadians (14.3 per cent) reported having a disability in 2006; more than 200,000 were children aged 14 and under.
Among its recommendations, BMO has suggested:
The submission also noted the results of a recent BMO survey that revealed only 10 per cent of Canadians with a disability, or those with a family member with a disability, are knowledgeable about the RDSP and its benefits. "Clearly there is a need to ensure more people who are eligible for the RDSP are made aware of how it can help them," stated Mr. McKee. "BMO is engaged in efforts to inform and educate our clients and Canadians about the existence of the RDSP, including free seminars and workshops that we have held across the country for groups supporting people with disabilities. We encourage all stakeholders to do the same."
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.
About the RDSP
The RDSP encourages families and individuals to save for the long-term security of persons with severe and prolonged disabilities. It is available to Canadians who are eligible for the Disability Tax Credit, and can provide "peace of mind" to parents and other contributors who may put a plan in place for a beneficiary with a disability.
For more information about the BMO RDSP, please visit: .
The full submission can be viewed at: .
Contacts:
Media contacts:
Paul Deegan
416-867-3996
Ronald Monet
514-877-1873
Laurie Grant
604-665-7596
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.12.2011 - 17:28 Uhr
Sprache: Deutsch
News-ID 96591
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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