Ottawa, October 2, 2007
2007-074
Related Document:
Legislative Proposals, Explanatory Notes and Overview Relating to Registered Disability Savings Plans
The Honourable Jim Flaherty, Minister of Finance, and the Honourable
Monte Solberg, Minister of Human Resources and Social Development, today
released draft legislative proposals to implement the Registered
Disability Savings Plan (RDSP) announced in Budget 2007.
"The legislative proposals being released today are an important step
towards helping persons with severe disabilities, and their families, save
for their financial future," said Minister Flaherty. "We will
endeavour to complete this legislative process as quickly as possible so
that Canadians with disabilities have access to the financial support they
need."
RDSPs are being introduced in response to the recommendations of the
Minister of Finance's Expert Panel on Financial Security for Children
with Severe Disabilities, which tabled its report in December 2006.
Under the new measure, individuals who qualify for the disability tax
credit, or their parents or other legal guardian, will be able to
establish an RDSP. RDSPs will be eligible to receive payments of the new
Canada Disability Savings Grants (CDSGs) and, for low- and modest-income
beneficiaries, Canada Disability Savings Bonds (CDSBs).
The proposals include amendments to the Income Tax Act and Income Tax
Regulations dealing primarily with the establishment of RDSPs. They also
introduce the Canada Disability Savings Act, which would be administered
by Human Resources and Social Development Canada and would provide for
payment into RDSPs of the new CDSGs and CDSBs.
"Helping Canadians with disabilities means giving them the means to
plan for their financial future," said Minister Solberg. "With this
proposed legislation, Canada's New Government is taking an active role
in making sure the people who need it most are getting the long-term
financial support they require."
Interested parties are invited to provide comments in writing on the
draft legislative proposals. Comments can be sent jointly to the Tax
Policy Branch, Department of Finance and the Office of Disability Issues,
Human Resources and Social Development Canada at 140 O'Connor
Street, Ottawa, ON, K1A 0G5 on or before October 23, 2007.
Following this consultation period, the Government intends to introduce
legislation, including regulations under the Canada Disability Savings
Act, to implement the program as quickly as possible.
The legislative proposals and explanatory notes released today are
available free of charge on the Department of Finance website
(www.fin.gc.ca). Printed copies will be available at a later date for $10
from the Department of Finance Distribution Centre at 613-995-2855. This
publication is also available in alternative formats (large print, audio
cassette, Braille and computer diskette) in French and English by calling
1-800-622-6232 (toll-free) on a touchtone phone. TTY at 1-800-926-9105.
____________________________________________________
This news release is available in alternative formats upon request.
For further information, media may contact:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080
Pema Lhalungpa
Press Secretary
Human Resources and Social
Development Canada
819-994-2482
Media Relations
Human Resources and Social
Development Canada
819-994-5559
www.hrsdc.gc.ca
