Disability savings plan part of Jim Flaherty's legacy

The impact of former finance minister Jim Flaherty’s life and work are felt in the disabled community as he was a relentless champion of the disabled.

His contributions to that community were recalled at his state funeral Wednesday.

Familiar with the worry of providing for a disabled loved one because of the circumstances of one of his sons, he created the Registered Disability Savings Plan.

The plan allows money to be set aside for a person with a disability, with the government topping up family contributions for middle and low-income Canadians.

Bruce Sellery, personal finance expert and author of The Moolala Guide to Rockin' Your RRSP explains how the plan works in this interview with CBC’s The Lang & O’Leary Exchange.

Sellery said it’s always worth investigating a RDSP, as depending on family circumstances, it can help create a fund that will go part way to supporting a beneficiary for life.