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RDSP Administration Software

RDSP is a Legislative Success. Now What?

On December 14, 2007, the Registered Disability Savings Plan (RDSP) received royal assent within the Canadian House of Commons and Senate. With an estimated 700,000 disabled people in Canada there was much to celebrate, especially by the folks at Planned Lifetime Advocacy Network (PLAN)—who lobbied 8 years for this legislation to succeed! SIT wants to congratulate all those involved in this multi-year effort.

Now it's time to make the RDSP a reality.

RDSP Software: Why So Few Vendors Have the Courage

Why are there so few vendors coming forward to offer solutions for complex legislative programs like RDSP and RESP? That's an easy question to answer. These Canadian legislative-centric investment plans (like RDSP and RESP) require very sophisticated programming to implement the large set of "rules" behind the legislation. And that's not the only challenge. These "government rules" can change from year to year. This complexity, coupled with the limited Canadian market, is why SIT believes so few vendors dared to take on the challenge as SIT has.

RDSP Admin Advice: Be Prepared for Change

Our advice (from an administration perspective) is to be prepared for last minute changes from the Canadian Revenue Agency (CRA). Why does this happen so frequently with new legislation?

If you have a "systems background" you'll understand. Any government that tables creative, compassionate and complex legislation (like the RDSP) and implements that legislation within a year is going to miss a few things. That's just reality. In addition, there is ongoing pressure from constituents to fine-tune this legislation over time. Often these changes are decided in the last month of a tax year (December). So if you're going to offer investment products like RDSP and RESP, you'll have to get comfortable with these ongoing changes and you'll need a good business partner who is experienced in these matters. That's where SIT comes in.

If you're serious about implementing an RDSP Administration System give us a call at 905-640-0808. Ask for David Leeming (VP of Domestic Sales).