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News Releases


RBC to offer registered disability savings plans

RBC teams up with Planned Lifetime Advocacy Network (PLAN) to educate Canadians about RDSPs

TORONTO, February 9, 2009 — Starting February 16, 2009, RBC will offer Registered Disability Savings Plans (RDSPs), allowing eligible Canadians to take advantage of 2008 Canada Disability Savings Grants (CDSGs) and Canada Disability Savings Bonds (CDSBs).

"RDSPs are designed to help Canadians with disabilities and their families ensure long-term financial security," said David Birkbeck, head, registered products strategy, RBC. "Our role at RBC is to help Canadians understand how they can benefit from the RDSP and we are encouraging clients to take advantage of these new plans prior to the March 2 deadline for 2008 federal government contributions."

RBC has joined forces with Planned Lifetime Advocacy Network (PLAN), a non-profit organization which led the advocacy for the creation of the Registered Disability Savings Plan, to help educate and offer advice to Canadians. As PLAN's preferred national RDSP provider, RBC will work closely with PLAN to assist Canadians with disabilities and their families.

"RBC has a longstanding commitment to helping Canadians with disabilities and we are proud to have selected them for their expertise and leadership," said Al Etmanski, president & co-founder. "Over time, RDSPs will provide billions of dollars to supplement income, enable home ownership and enhance quality of life for as many as 500,000 Canadians with disabilities. Our goal is to work together to reach as many Canadians as possible."

The RDSP allows eligible Canadians to save and invest for themselves or for a family member while deferring tax. Contributions may be eligible for federal government matching grants (CDSG) up to $3,500 annually and the plan may be eligible for government bond amounts (CDSB) up to $1,000 annually. The money in an RDSP can be used for any purpose, as long as it is for the benefit of the plan's beneficiary. Beneficiaries must be a resident of Canada, under age 60, have a Social Insurance Number (SIN) and be eligible for the Disability Tax Credit (DTC) as defined in the Income Tax Act (Canada).

In order to open an RDSP, Canadians must be:

  • A person with a disability who is of the age of majority and has the legal capacity to manage their finances
  • The parent of a person with a disability who has not attained the age of majority
  • A guardian or other representative who is legally authorized to act of behalf of a person with a disability.

Within Registered Disability Savings Plans, RBC clients will have access to a wide variety of investment options including RBC Funds, RBC GICs and RBC Savings Deposits. There will be no annual administration or withdrawal fees. Clients will also have the opportunity to make regular, pre-authorized contributions through RDSP-Matic™.

Canadians wishing to learn more, get advice or sign-up for a Registered Disability Savings Plan can do so by calling 1-800-463-3863 to book an appointment with an RBC advisor.

For more information on Planned Lifetime Advocacy Network (PLAN) please visit: www.plan.ca/homepage.php.

RBC is a recognized leader in supporting people with disabilities. RBC believes that full inclusion is in the best interests for our communities. We support programs that help create employability, remove barriers to education and provide services for people with disabilities. RBC has also supported the Special Olympics Canada since 1968.

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Media contacts:
Sarah Pendrith, RBC Wealth Management, 416-974-8820
Jackie Braden, Media Relations, 416-974-2124


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02/09/2009 09:28:26