A few months after its creation, the young Quebec fintech TERRY, whose mission is to help people with disabilities achieve financial independence, continues to grow at an accelerated pace. Since September 2021, the TERRY team has already helped more than 600 families benefit from the Registered Disability Savings Plan (RDSP), which allows Canadians with disabilities to receive up to $90,000 in government grants. By focusing its activities entirely on the RDSP and basing its model on accessibility and cutting-edge technology, TERRY is able to provide concrete support to a population that has unfortunately been forgotten by the Canadian financial industry.
“A person living with a disability often faces challenges such as access to employment, long-term savings, and the additional costs associated with specialized care and equipment. Unfortunately, very few people sign up for an RDSP, either through lack of awareness or discouragement, as the process of signing up is very difficult with traditional institutions.
I sincerely believe that it is imperative to make this plan much more accessible, simplify its opening, and offer advice and personalized support for all those who are eligible since they can receive $10,000 simply by opening an account, there is really no reason to miss out,” says Michel-Alexandre Riendeau, President of TERRY.
The RDSP, a beneficial plan that is not well known to the public
Created in 2008 by the federal government, the Registered Disability Savings Plan (RDSP) is a tool that allows individuals up to 49 years old with the disability tax credit (DTC), to benefit from grants and bonds in order to achieve long-term financial security. In fact, it is a registered savings account similar to the Registered Retirement Savings Plan (RRSP) or the Registered Education Savings Plan (RESP).
The RDSP, or REEI, is subsidized by the federal government, which pays additional amounts to those paid by savers, a subsidy of up to 300%. This…