As part of the three year evaluation mandated by the Canada Disability Savings Act (2007), Dr. Mary Ann McColl and Project Manager Mike Schaub were contracted by Human Resources and Skills Development Canada to conduct a review of international literature related to savings incentive programs for families and individuals with disabilities.
The review surveyed literature from 2006 onward to discover:
- What the additional living costs are for individuals or families affected by disability,
- Which factors affect saving and financial planning among individuals or families affected by disability, and
- What programs exist in other jurisdictions that are similar to the Canadian Disability Savings Program, particularly in the United States, the United Kingdom and Australia.
Key findings of the report submitted to HRSDC in August of 2012 were as follows:
- Canada has a program that is unique in the world
- The lifetime costs related to disability have a very significant impact on individuals and families
- Research demonstrates that even financially challenged families can save when a number of programmatic “best practices” are included in the program architecture.
For more information about the RDSP please visit PLAN Canada’s website.