Financial and Estate Planing
January 5 2011
Foreword and Disclaimer
This site is maintained to provide KACL members a resource links and updated news. The information is not complete nor is it reviewed for accuracy and should not be relied upon as the sole source of information. You should consult your financial adviser to advise you as to your financial situation and what makes sense to you and your loved one.
Financial Planning Table of Contents
- Introduction
- Children
- Personal Planning
- Powers of Attorneys, "Living Wills" Will and Planning for Death
- RDSP Registered Disability Savings Plans
- Financial Planning
- ODSP Ontario Disability Support Program
- Retirement Planning
- References
- travel to doctors and hospitals
- special shoes and clothes
- parental relief
- wheelchair repairs
- assistive devices
- hearing aids
- hearing aid batteries
- prescription drugs
- dental care
- eyeglasses.
- the family's income
- the severity of the disability
- the kind of difficulties the child has when
- walking
- communicating
- feeding himself
- bathing himself
- the extraordinary costs related to the disability.
Introduction
KACL is attempting to increase families knowledge of financial estate planning to increase the likelihood that less persons with special need will continue to live in poverty. It not the intention to divert persons from lawyers, financial planners or other professional groups who are the experts in their respective fields but rather to prepare you to meet with them. This intended use of this site is to provide useful links material for assisting consumers, survivors, lifesharers and families on estate, financial and life planning issues.
Why plan a head for your child with significant impairments? You can’t trust overnment to do it for you. You want your child to exceed the $999 limitation that government has placed on your child. You want your child to be as safe , secure and happy as possible.
Children
CRA's Information Circular on Canada's Child Benefit
Assistance for Children with Severe Disabilies(ACSD):
If you are a parent caring for a child with a severe disability, you may be able to receive some financial help with some of the extra costs of caring for a child who has a severe disability depending on the family's income.
Parents can get between $25 and $440 a month to help with costs, such as:
How much a family receives will depend on:
Contact your local MCSS regional office and ask for an application form. Complete the application form and return it to the regional office along with any documentation asked for. A Special Agreements Officer will review your application and will contact you if they need more information. You will receive a letter saying whether or not you qualify for a grant and, if so, how much you will receive.
Personal Planning
"Clarifying Your Vision" and Worksheets 1,2,3 in Etmanski (1996), pages 15-36
"Personal Rights" Chapter 5 in Dickson et al (1999). The Wills Book Pages 60 - 88
Justice Clarke Case, Appendix 6 in Dickson et al (1999) The Wills Book Pages 120 -129
Becky Till and Emily Eaton's cases, Appendix 7 in Dickson et al (1999) pages 130 - 138
Numerous other books are recommended including:
Taylor, Natalie, Taking care of Tomorrow, Planning with Senior Parents, Contact family and Friends of the Mentally handicapped 519-974-4221
Making Choices - Contact Windsor Association for Community Living 519-974-4221
Joyce, Susannah, Planning on - Contact 519-433-2387
My Child's Future - Continuity Care 204-779-1679 Winnipeg
for the over stressed parent: Any of the Seven Habit Books by Stephen Cover and Friends
Building Relationships and Worksheets 4 in Etmanski (1996), pages 37-55
Guide to the Substitute Decision Act This Guide has been created especially for caregivers, advocates, nurses, doctors, agency and association staff and other interested individuals, to promote a clear understanding of what the Act covers and how it works. The Guide provides a summary of the main points of the legislation.
Powers of Attorneys, "Living Wills", Wills and Planning for Death
Powers of Attorney, and "Living Wills"
Powers of Attorneys Living Wills Question and Answers
"Why Make a will" in Dickson et al (1999), The Wills Book, Page 29
" What happens If there is no Will" in Dickson et al (1999), The Wills Book Page 29
"Can a Person with a Disability Make a Valid Will" in Dickson et al (1999). The Wills Book, Page 59
"Disposition of Property" in Dickson et al (1999), The Wills Book, Pages 35 - 45
Absolute Discretionary Trust Henson Case Appendix 3 in Dickson et al (1999) The Wills Book Pages 109-114
Disability Trust Appendix 5 in Dickson et al (1999) The Wills Book Pages 115-116
Registered Disability Savings Plan
A Registered Savings plan intended to assist Canadians with Disabilities to save for long terms security. Once registered the plan may be eligible (and for most of KACL served adult consumers between the ages of 18 and 49 will be eligible) for Canada Disability Savings Bonds which pay up to $1000 annually until the beneficiary turns 49 ($20,000 Lifetime Limit). In addition the plan may be eligible for Canada Disability Savings Grants which provide matching contributions of up to $3500 annually($70,000 Lifetime Limit). There is no annual contribution limit but a lifetime limit of $200,000.
Funds withdrawn from the plan do not affect ODSP but are taxable if recipient has enough income to be taxable (Not a major problem for those served by KACL).
Web sites for valuable information on RDSP:
Printout in PDF Format of Canadian Revenue Agency
Financial Planning
ODSP - Ontario Disability Support Program
Information from Ministry of Community and Social services about ODSP
ODSP Income Supports Directives of the Ministry of Community and Social Services
"Government benefits" in Dickson et al (1999), The Wills Book Chapter 1 pages 1-28
Excerpts from Acts and Regulations re: Asset and Income, Appendix 1 in Dickson et al (1999) pages 98 - 106
Income Tax Planning, CRA paper on Information for person's with disability: This web site is a guide for people with disabilities and anyone supporting them. It gives information on services we provide for people with disabilities, as well as information on income tax, excise tax, customs, and goods and services tax/harmonized sales tax (GST/HST). including Services for people with disabilities
Retirement Planning
Canada Pension Plan Disability Benefits Website Contains cvaluable information on CPP Disability Benefits for persons who became disabled after contributingb to CPP.
Canada Pension Plan and Old Age Security Human Resources and Skills Development Website on CPP and OAS
References
Bach, David (2007) Start Late, Finish Rich, A No-fail Plan for Achieving Financial Freedom at Any Age, Canadian Edition, Toronto Random House
Dickson, Mary Louise, Rod Walsh and Orville Endicott, The Wills Book, Benefits, Wills, trusts and Personal Decisions Involving People with Disabilities in Ontario, 1999 Revised Edition, Toronto, Ontario: Ontario Association for Community Living, 1999
Etmanski, Al (1996) Safe and Secure, Six Steps to Creating A Personal Future Plan for People with Disabilities, Burnaby: PlAN 1996
Planned Lifetime Advocacy Network (PLAN), Plan 104-3790 Canada Way, Burnaby B.C. V5G 1G4 Phone 604-439-9566
Vaz-Oxlade (2011) Never Too Late, Take Control of Your Retirement and Your Future, Toronto: harper Collins Publishers
