Registered Disability Savings Plans (RDSPs) have been available to Canadians who qualify for the disability tax credit since 2009. They were introduced primarily to help alleviate the concern that many parents and grandparents of a child with a disability have about how best to ensure a child’s financial security was maintained when they were no longer alive to provide support.
The beginning of a New Year is a great time to reflect on your current situation and set your financial goals for the year ahead especially since there is a direct connection between overall financial wellness or financial peace of mind and happiness. For the record, financial peace of mind does not have to include great wealth.
Budgeting is one of the single most effective tools for money management. It's an effective way to map out spending to help manage your money and help ensure you will have enough money for the things you really need and the things that are important. A budget or spending plan can help budgeters reduce debt and keep finances on track while also increasing the likelihood of meeting short term and long term financial goals.