A few months after its founding, 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 to benefit from the Registered Disability Savings Plan (RDSP), This allows Canadians with disabilities to receive up to $90,000 in federal grants. By focusing its activities fully on the RDSP and basing its model on accessibility and cutting-edge technology, TERRY is able to provide tangible support to a population sadly forgotten by Canada’s 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 out of lack of awareness or discouragement as the process of signing up with traditional institutions is very difficult.
I sincerely believe that it is imperative to make this plan much more accessible, to simplify its opening and to offer advice and personal support to all those who are eligible, since they can get $10,000 just by opening an account. There really is no reason to go without it,” says Michel-Alexandre Riendeau, President of TERRY.
The RDSP, a beneficial plan not known to the public
Created by the federal government in 2008, the Registered Disability Savings Plan (RDSP) is a vehicle that allows individuals up to age 49 with the Disability Tax Credit (DTC) to benefit from grants and bonds to achieve long-term financial security. It’s actually 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 a subsidy of up to 300% in addition to the savings amounts. This…
