In February, I had the opportunity to visit our nation’s capital for a discussion surrounding the Registered Disability Savings Plan (RDSP.) The purpose for my trip to parliament was to serve as a witness to the Senate Banking Committee in their review of the RDSP Plan. They are in the process of reviewing the successes and challenges facing this innovative, yet complex offering. The committee had interviewed witnesses from special interest groups, the legal community and Financial Institutions offering the product.
Representing the Credit Union System
Credit Union Central of Canada was asked to provide representation, and as a credit union actively offering this plan to our membership, Assiniboine was asked to stand as a witness for the Senate Banking Committee to offer our thoughts regarding this product.
Assiniboine offers the RDSP Plan through one of our partners, Central 1 Credit Union, and therefore both myself and a representative from Central 1 were interviewed by the 12 member Senate Banking Committee, and asked how to better improve the plan, and how to increase enrollment numbers.
Discussing Qualifications and Limitations
I offered to the Senate Banking Committee that we have had many inquiries from members over the age of 49 that would like to open an RDSP plan, but would not qualify for the generous government grants. One suggestion was to increase the enrollment ages, whereby the grants could be made payable to someone between the age of 49 to 54.
Another suggestion I offered was to allow qualified Canadians to hold multiple plans. Under current regulations, Canadians are only able to hold one plan. For a member that already has a plan established elsewhere, this makes it impossible to open one with Assiniboine, unless they transfer their existing plan to us.
I had the opportunity to meet our Credit Union Central of Canada Government Relations team, and introduce our credit union to the Senate Banking Committee. Credit Unions are held in high regard with our Federal Government, it was an honor to represent Credit Union Central, on behalf of Assiniboine Credit Union, in Ottawa. This was a great experience, to have the opportunity to be heard, and reinforce that good things do happen here.
To learn more about what RDSPs can do for you, visit Registered Disability Savings Plan.