BMO Guardian Fund offering Registered Disability Savings Plan
- Thursday, November 26, 2009, 9:20
- Carousel, Finance, Investing
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BMO Financial Group announced on November 25th, 2009 that it will be the first financial institution in Canada to offer the Registered Disability Savings Plan (RDSP) directly to investors through BMO Guardian Funds.
BMO was the first to offer the RDSP almost a year ago, and it is once again the first major Canadian financial institution to offer the RDSP to the investment community.
The BMO Guardian RDSP gives advisors direct access to the RDSP program, along with full sales and educational support.
Investors can open a BMO Guardian RDSP directly through their investment advisor.
The full line-up of BMO Guardian Funds include a wide range of investment solutions, suitable for long term investors, and are all available to purchase within the RDSP.
Additionally, contributions to an RDSP may qualify for payments from the Canada Disability Savings Grant (CDSG) program. This contribution from the CDSG is to a lifetime maximum of $70,000 per beneficiary.
Low income families may qualify for payments from the Canada Disability Savings Bond (CDSB) program without having to make a contribution to an RDSP, up to a lifetime maximum of $20,000.
Contributions to an RDSP are not tax deductible, but grow on a tax deferred basis; earnings generated on contributions are tax exempt while still in the plan.
The lifetime contribution limit per beneficiary is $200,000, with no annual contribution limit. There can only be one beneficiary name per RDSP, and only one RDSP can be held per beneficiary.
To be eligible for the CDSG program, a contribution must be made by December 31st, 2009.
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