Financial security should be accessible for persons with disabilities

Achieving personal financial security can be a challenge in the best of circumstances, and for those with disabilities, it can be especially daunting.

Nancy Crocker will never forget Nov. 28, 2015. It was the day her son Jeremy was involved in an ATV accident that left the 35-year-old with a permanent brain injury.

While the community rallied with support and fundraising, Crocker understood all too well that longterm financial security was going to be an issue for her son, and his two autistic children. She decided to set up Registered Disability Savings Plans (RDSPS) for all three family members last year.

This was thanks to Deon Hancock, president of Hancock Financial Solutions, who made the two-hour drive from Corner Brook to her living room in Trout River, to sit with her and walk her through the process.

“He explained how it works, and set it all up for us,” Crocker says. “He’s made three trips to our house, and we’ve actually become very good friends.”

Achieving personal financial security can be a challenge in the best of circumstances, and for those with disabilities, it can be especially daunting. Canadians who qualify for the disability tax credit are eligible to open a RDSP. The federal government will contribute as much as $90,000 to your account, matching every dollar deposited with up to $3. However, a contribution is not mandatory to access the RDSP, with up to $20,000 available without contribution. And the best news is, there is no charge for starting a RDSP.

“You don’t have to go down to your bank branch to get this done,” says Hancock. “It just takes a phone call to our firm, and we’ll make the process simple, seamless and personal.”

Despite the RDSP being available since 2008, only 23 per cent of eligible people in Newfoundland and Labrador are taking advantage of the program. Hancock Financial Solutions has dedicated itself to educating the public about this program, and gaining financial freedom for their clients.

At age 25, Alisha Young works full time, but a muscle and joint condition called arthrogryposis keeps her bound to a wheelchair. Last October, Young sat down with Deon Hancock at the Green Bay Community Employment Centre in Springdale. Having a RDSP provides her with peace of mind, she says.

“My body may not allow me to work until age 60, so if I have to retire at 40 this will give me some financial stability,” she says. “Deon answered every question with clarity. I can’t emphasize how helpful he was.”

The RDSP does not affect the individual’s disability benefit, and there are no restrictions on how the money can be spent. Hancock Financial Solutions has opened RDSPS for clients across Newfoundland and Labrador, as well as in Nova Scotia, Ontario and New Brunswick.

“There is a belief that this is a complex program to access, but that’s not the case,” says Hancock. “If you or a loved one has a disability, we want you to know that we are here to help you secure your financial future.”

For more information about the Registered Disability Savings Plan and what Hancock Financial Solutions can do for you, visit hancockfinancialsolutions.ca.

You can also call their office at 709634-0071 or 1 866-634-0071 (toll free).