Disability savings plan part of Jim Flaherty's legacy

Finance expert Bruce Sellery explains how the Registered Disability Savings Plan works and why it's worth investigating for family members.
Bruce Sellery explains how the Registered Disability Savings Plan helps low and middle-income families with disabled children 6:05

The impact of former finance minister Jim Flaherty’s life and work are felt in the disabled community as he was a relentless champion of the disabled.

His contributions to that community were recalled at his state funeral Wednesday.

Familiar with the worry of providing for a disabled loved one because of the circumstances of one of his sons, he created the Registered Disability Savings Plan.

The plan allows money to be set aside for a person with a disability, with the government topping up family contributions for middle and low-income Canadians.

Bruce Sellery, personal finance expert and author of The Moolala Guide to Rockin' Your RRSP explains how the plan works in this interview with CBC’s The Lang & O’Leary Exchange.

Sellery said it’s always worth investigating a RDSP, as depending on family circumstances, it can help create a fund that will go part way to supporting a beneficiary for life.