Rethinking Disability

Disabilities affect families physically, emotionally and financially. Dealing with these pressures can put added stress on the financial well-being of individuals, their families, and caregivers.

With the incidence on the rise as our population ages, disability should be a concern and a shared responsibility for all. Explore the resources available here to inform discussions about improving the financial well-being of clients living with disabilities, or providing care for those with disabilities.

Top challenges to financial well-being

1. Lack of tax relief:

Educate your clients about government grants and tax credits

2. Lack of financial support:

Develop a financial plan, decision making directives, insurance alternatives for clients

3. Lack of accessible information:

Use resources to educate and shape important discussions with clients

Communicate Your Value

Seize opportunities:

Providing advice and support to a disabled person or caregiver to help them deal with financial pressures resulting from a disability enhances your value as a trusted advisor

Assist your clients in preparing an effective action plan:

• Help clients understand and maximize social benefits and tax credits
• Utilize financial tools to improve financial well-being
• Develop and implement a customized financial plan

Get in the know

Disability is defined as visible or non-visible health or aging issues that interfere with daily activities:

• 42.5% of the Canadian population over the age of 75 consider themselves to be disabled.* Help clients with disabilities secure their financial futures and benefit from government benefits and tax credits.
• 15% of caregivers have insurance in place to assist with the financial care of the disabled individual that they support.* Help clients who are caregivers learn about available services, and how to plan for succession of care.
• Registered Disability Savings Plans (RDSPs): Tax-deferred savings plans designed to improve the financial security of anyone eligible for the disability tax credit (DTC).
• Government contributions of up to $4,500 are available annually to match beneficiary and family contributions.

* Rethinking Disability – Planning for Financial Well-Being, BMOWealth Institute, April 2014.