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Sunday, May 11, 2014

Financial Planning Important For Those With Disabilities

If you or someone you know is one of the 3.8-million Canadians with a disability, you're being urged to map out a financial plan to ease the stress on your wallet now and for the future. 

A report by the BMO Wealth Institute says the number of Canadians who will become disabled is going to grow as the population ages and over 40-percent of us over the age of 75 identify as having some sort of disability. 

It's recommended that you think about opening an R-D-S-P or a Registered Disability Savings Plan. However, in order to be eligible you need to first quality for the Disability Tax Credit, which gives tax relief for people who have a severe and lengthy physical or mental impairment. 

The Wealth Institute says another of the top tools to improve the financial situation for those with a disability is a tax-free savings account.