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ARTICLE · 13 DECEMBER 2016

Tax Tips 2016: For The Family

Crowe Soberman LLP
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From our annual Tax Tips guide, here are the tips and suggestions for the Family for the year 2016.

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Crowe Soberman'S Tax Group
Crowe Soberman'S Tax Group
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From our annual Tax Tips guide, here are the tips and suggestions for the Family for the year 2016.

Tips: If you have disabled or infirm dependents

1. The Registered Disability Savings Plan (RDSP) is a savings plan that is intended to help parents and others save for the long-term financial security of a person who is eligible for the Disability Tax Credit.

  • Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59 years of age.
  • To help you save, the Government pays a matching grant of up to $3,500. You are allowed to carry forward unused grant entitlements for up to ten years.
  • Contributions that are withdrawn are not included in the income of the beneficiary, although the Canada disability savings grant, Canada disability savings bond, and investment income earned in the plan will be included in the beneficiary's income for tax purposes when paid out of the RDSP.

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