Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, discusses the implications of Ottawa's budget amendments to RDSPs and RESPs. RDSPs have been streamlined and several aspects are more favourable to the beneficiary, including guardianship and repayment terms. He spoke form the budget lock-up in Ottawa.
More flexible tax rules and fewer administrative barriers could boost participation
Mutual funds are continuing to gain traction in this niche, says Investor Economics
Only 9% of people eligible to open an RDSP have done so
Bank recommends changes to 10-Year Rule
Program helps Canadians with disabilities and their families build long-term financial security
Stakeholders encouraged to share their views
Almost half have never heard of RDSPs
Proposals include tax-free rollovers from registered accounts, carry forwards of unused grants
Tax Court ruling bars low-income individuals from opening RDSPs