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December 4, 2008
For immediate release
Prince Edward Island Government Helps Families Save for People With Disabilities
Social Services and Seniors
Similar in structure to Registered Education Savings Plans, RDSPs enable family members and friends to save money tax-free for people with disabilities, so they can better plan for the future. The federal government says the plans should be available in financial institutions beginning next month.
The Department of Social Services and Seniors will fully exempt RDSPs when calculating clients’ eligibility for income-tested social programs, including social assistance, disability support services, child care subsidies, social housing, pharmacy programs and children’s dental programs. Assets in RDSPs will be exempt as long as the client’s total income does not exceed the low-income level defined by the National Council of Welfare.
“Today’s announcement will make it easier for families of children and adults with disabilities to prepare for the future and enjoy longer, fuller and more productive lives,” said Doug Currie, Minister of Social Services and Seniors.
The announcement comes during the week of the UN’s International Day for Persons with Disabilities.