Living Life In A Wheelchair

Redeeming My RRSP
[ Saturday July 8th 2017 at 10:13 pm ]

Back in 2006 I started a Registered Retirement Savings Plan. A few months later I suddenly lost the use of my left hip joint. I no longer had the financial means of contributing towards my retirement.

In 2008 the Canadian Government announced the Registered Disability Savings Plan. This includes bond money for low income recipients and matching contributions with Canadian tax payer money to cover the increased cost of living someone with a disability experiences.

Since I've not recovered as was expected and now with medical reports of my knee joint deterioration it makes the most sense to redeem my Registered Retirement Savings Plan and deposit this money into my Registered Disability Savings Plan. I had only contributed $100 by the time I lost the use of my left hip joint. I am expecting this to be match in the 3:1 tier. I expect to receive $300 from the Canadian Government for this contribution when the paper work is all completed. Although I can't use the money now it will certainly help me as a senior.