Supporting Children with Special Needs

Special needs

Parents of children with special needs know that these additional needs can be very expensive.
You love your children and would do anything for them, but how can you cope with all the financial and emotional stresses now and in a future when you may not be around? Here is some information that can help.
Disability financial assistance is available from a number of government sources. Here are some:
• Disability Tax Credit can be transferred to a parent when a qualifying child cannot utilize the full amount.
• Medical Expense Credit can provide some further tax relief.
• Provincial Assistive Devices Programs provide assistance for both basic & personalized assistive devices.
• Provincial Home and Vehicle Modification Programs provide basic home/vehicle modifications for disabled children and adults.
• GST exemptions or rebates are available for some products & services used by persons with disabilities.
• Provincial social assistance programs with an income support component, such as the Assured Income for the Severely Handicapped (AISH), may be available to your child.
Plan for the future when you may no longer be there to help:
• A Registered Disability Savings Plan (RDSP) is similar to an RRSP in that it is intended to help save for long-term financial security, though specifically for beneficiaries who are eligible for the Disability Tax Credit.
The federal government provides matching contributions in the form of Grants and additional contributions in the form of Bonds for certain families; up to $90,000, in addition to your regular savings, is available for each RDSP.
• Set up a trust either during your lifetime or through your will, or purchase an insurance policy that pays into a trust. Certain trusts can be structured so that your child is not disqualified from income or asset tested benefits.