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Milburn Drysdale
MemberThe deadline of 2 March to apply for the RDSP is fast approaching. You need to apply prior to this date to receive the 2008 government grants and/or bonds.
Why should you care? Depending on your income level and contribution amount, the government will add $1,000 to $4,500 to the account. If you need more information about the RDSP, refer to http://www.rdsp.com/
The Bank of Montreal is presently the only national bank to offer this program.
To apply, here is what you need to do:
To qualify, the child must must qualify and receive the federal Disability Tax Credit.
If you haven't already done so, you need to apply for a SIN for your child. To apply for a SIN card, fill out the following form http://www.servicecanada.gc.ca/eforms/forms/nas2120e.pdf and take it to your local Human Resource Centre of Canada http://www1.servicecanada.gc.ca/cgi-bin/hr-search.cgi?cmd=lst&pv=bc&ln=eng
Download the forms from the BMO website http://www4.bmo.com/investments/0,4629,35649_62330610,00.html
You will need 2 forms. The BMO application form and the under 18 years application for the government grant and/or bond.
Proceed to your local BMO branch to set up aCustomer Profile. I would recommend that both parents (if applicable) attend in order to set up a joint account. You will need 2 pieces of ID and a blank void cheque for an account where the money will be drawn from. There is no need to open a BMO account other than the RDSP.
If you need assistance filling out the forms, call the BMO investment line at 1-800-665-7700. The wait can be very long as they are swamped with last minute applications. If you can't get through, here are some things that you need to know:
The account holders are the parents.
The beneficiary refers to the disabled child.
You are not required to fill out all the investment objectives. An investment rep will contact you later to sort all that out.
You will need to attach a void cheque.
The issuer is BMO.
You must tick yes to all the consent to release information boxes.
The eligible individual refers to the parent that receives the Canada Child Tax Benefit.
Fax all the pages to 1-888-840-2817. Be sure to include everything, including the trust agreement.
Good luck and don't wait to the last minute.
Milburn Drysdale
Autism Funding in BC
http://asdfunding.comMemberDear Earl
Your advisor is slightly off the mark. Yes, it is important to know if the RDSP will eventually result in a clawback of disability benefits, however here in BC, the government has already exempted the proceeds of an RDSP from reducing a disability benefit.
The following link expands on the topic: http://www.rdsp.com/documents/RDSP_Provincial_Update.pdf
There may be a question of the usefulness of an RDSP for an older adult, but for a disabled child, there is no debate. The RDSP is an outstanding savings vehicle that every parent of should take advantage of.
Cheers
Milburn Drysdale
Autism Funding in BC
http://asdfunding.comMemberThe Federal Government is giving away money! The catch is that you must apply for it.
The feds have announced that the deadline for the 2008 RDSP application has been extended to 2 March 2009.
The RDSP provides for up to $3,500 in matching grants or up to a $1,000 bond with no matching contribution depending on your income level.
Refer to my page http://asdfunding.com/rdsp.aspx for more information and links to RSDP sites.
The Bank of Montreal is the first national bank to offer the RDSP.
Don't wait for the last minute as there are a few steps which must followed prior to applying for the plan.
1) Ensure your child qualifies for the Disability Tax Credit;
2) Have a valid Social Insurance Number;
3) File a tax return for two years prior (to receive the Grant and Bond)
4) Ensure you sign up for the Canada Child Tax Benefit if your child is under age 18Milburn Drysdale
Autism Funding in BC
http://asdfunding.comMemberThe Autism Funding in BC website (http://asdfunding.com)has now been up for one month and I thank you all for your kind feedback.
I will slowly be adding to the site as new topics come to mind. If you have any suggestions, I would love to hear about them.
One topic I would like to address is independent schools. I have heard some comments for and against them, but I would like to know more about the issue. If you have any stories or tips for me, I would appreciate the input.
Cheers
Milburn Drysdale
http://asdfunding.comMemberThe Autism Funding in BC website is now operational!
The site deals with such how-to topics as:
Obtaining funding from the BC government
How to claim ABA expenses on your tax return
Federal government programs
Setting up an ABA team
Hiring consultants and therapists
Team administration
Where to start after receiving an autism diagnosis
Public or private assessments
Is there funding beyond the Autism Funds program?
Therapists – Employee or self-employed contractors
And many other topicsMany thanks to those people who gave me valuable input and advice along the way. I couldnt have done it without your help.
Please pass along the link to anyone who may need the help.
Any feedback would be appreciated. My email is asdfunding@gmail.com
Thanks
Milburn Drysdale
http://asdfunding.comMemberAttention all you financially savvy people.
I've been constructing a website which details everything that parents need to know about money and financing an ABA program.
It covers everything from:
BC Government funding
Federal Income tax and disability benefits
Estate Planning
Child Care Development Centres
How to set up an ABA team
How to deal with all the paperwork
School issues
And many other issues dealing with money
Its just about ready to go, but I need to have some parents who have been at this for a few years and consider themselves financially astute, fact check the website for me.
If there are any volunteers, could you please email me at asdfunding@gmail.com and I will send you the URL.
Thanks in advance
Milburn DrysdaleMemberHello everyone
This is my first posting on FEAT, although I have been active in the community for a few years.
One of the huge gaps I see for parents new to the world of autism is dealing with the financial elements. Even now I still continue to learn about funding options that I could have taken advantage of years ago.
Accordingly I have decided to put together a website dealing with everything financial in BCs autism community.
Before I publish the site, I would like to ask your help in filling in a few gaps in my knowledge.
1. Does anyone have a sample contract for their therapists? Especially one dealing with the employer employee relationship.
2. Is there any charity which may be of benefit to autistic children and their families?
3. Supported Child Development Program. Is there a limit to funding request? Is there a wait list for funds?
4. Can anyone tell me about the School board paying for a therapist to attend preschool if the child bypasses a year of kindergarten? A specific reference would be helpful.
5. Does anyone have experience with Direct Funded respite? What is it and how much can you get?
6. BC government autism funding. Why would you choose invoice over direct funding or vice versa?
7. Have you had any difficulty in obtaining funds from the Autism Funds unit? If so, why.
8. Has anyone had problems claiming Attendant care costs from the federal government?
9. Any problems claiming ABA therapy costs as a medical expense?
Sorry, this is a bit of a long list, but I want to get accurate information and post it for the benefit of new families. If you are able to email answers to any of these questions, it would be greatly appreciated.
Thank you in advance for your assistance.
Milburn Drysdale
bcasdfunding@gmail.com -
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