Report of the Minister of Finance's Expert Panel on Financial Security for Children with Severe Disabilities

Hello all, 

Just a quick update on the recent report issued by the Dept. of Finance.

Overall we've found the recommendations from the Report of the Minister of Finance's Expert Panel on Financial Security for Children with Severe Disabilities to be very encouraging and an important step in the right direction. Perhaps most rewarding is that the recommendations are very much in line with the work the NLACL and others have done around future planning and Support Trusts within our own province.

One recommendation stemming from the report includes the creation of a Registered Disability Savings Plan (RDSP), if adopted this would mean greater financial security for persons with disabilities.

To provide you all with a better sense of what an RDSP might provide, p 16 of the report states that: 

• A family that is able to save $2000/year (indexed at 3%) for 20 years, whether as a result of their own individual savings or whether in combination with the Canada Disablity Grants or Canada Disability Bonds will have savings in a Disability Savings Plan of $94,834 and will provide for their son/daughter with a disability an additional income of $4,017 per year from the time when a child turns 35 years of age through a normal life expectancy.
• A savings of $500 / year will provide $1,004 per year for the life of their child, starting at age 35. 

While these recommendations will not completely eradicate vulnerability to poverty, they are nonetheless important steps in the right direction. The full report can be found at:  http://www.fin.gc.ca/activty/pubs/disability_e.html

 

I hope that in the coming months we can work together to realize many of the progressive recommendations put forward by the panel. We will make an effort share with you more concrete details as they become available.   

As follow up to the report, there will be an interview broadcast today on CBC's Radio Noon with Anne Budgell. I encourage you all to tune in! 

Thank you for your continued support.

Regards,

Melanie Thomas

 

 

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Melanie Thomas
Executive Director
Newfoundland & Labrador Association for Community Living
P.O. Box 5453
St. John's, NL A1C 5W4
Tel: (709) 722-0790
Fax: (709) 722-1325
Toll Free: 1-800-701-8511

Email: melaniethomas@nf.aibn.com