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With a reverse mortgage you don’t make any payments. Instead, the interest on your reverse mortgage accumulates, and the equity that you have in your home decreases with time. If you sell your house or your home no longer is your principal residence, you must repay the loan and any interest that has accumulated.
CHIP Reverse Mortgages
Government Guide on Reverse Mortgages
Type of Aid: The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future. If you have an RDSP, you may also be eligible for grants and bonds to help with your long-term savings.
Amount: There is no annual limit on amounts that can be contributed to an RDSP of a particular beneficiary in a given year. However, the overall lifetime limit for a particular beneficiary is $200,000 (all previous contributions and rollover that have previously been made to an RDSP of a particular beneficiary will reduce this amount). Contributions are permitted until the end of the year in which the beneficiary turns 59.
Eligibility Requirements: You should consider opening an RDSP if you have a long-term disability and are:
- eligible for the Disability Tax Credit;
- under the age of 60 (if you are 59, you must apply before the end of the calendar year in which you turned 59);
- a Canadian resident with a Social Insurance Number (SIN)
To open RDSP: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-disability-savings-plan-rdsp/opening-rdsp.html
Contact: 1-800-267-6999 (Canada and United States) or 1-800-959-8281
Type of Aid: Matching Grant
Amount: The Government gives matching grants of up to 300 percent, depending on the beneficiary’s family income and contribution. The maximum Grant amount is $3,500 per year, with a limit of $70,000 over your lifetime. Grants are paid into the RDSP until the end of the year you turn 49 years of age.
Eligibility Requirements:
- are 49 years old or under (if you are 49, you must apply before the end of the year);
- are a Canadian resident;
- have a social insurance number; and
- are eligible for the Disability Tax Credit.
Paperwork: You must apply for the Grant through the financial organization where you have your RDSP.
To make it easier, you can fill out the application form and print it to take with you to your financial organization:
Contact: 1-800-O-Canada (1-800-622-6232)
Type of Aid: Bond
Amount: If you qualify for the Bond, you can receive up to $1,000 a year, depending on the beneficiary’s family income. Over an individual’s lifetime, there is a limit of $20,000. Bonds are paid into the RDSP until the end of the year the beneficiary turns 49 years of age. You do not need to make any contributions to your RDSP to receive the Bond.
Eligibility Requirements:
- are 49 years of age or under (if you are 49, you must apply before the end of the year);
- are a Canadian resident;
- have a social insurance number; and
- are eligible for the Disability Tax Credit.
Paperwork: You must apply for the Bond through the financial organization where you have your RDSP.
To make it easier, you can fill out the application form and print it to take with you to your financial organization.
- Application for the Canada Disability Savings Grant and/or Canada Disability Savings Bond.
- www.esdc.gc.ca/eng/disability/savings/rdsp.shtml#family
Contact: 1-800-O-Canada (1-800-622-6232)