Welcome!

News Feed Item

BMO Report: Financial Planning Critical for the 3.8 Million Canadians With a Disability

- As Canadian population ages, hearing loss, mobility and memory loss will be the most cited contributing causes of disability

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- According to a report issued today by the BMO Wealth Institute, a financial plan can play a pivotal role in easing financial stress for the 3.8 million Canadians who have a disability and for those caring for them. The report also noted that, as the population ages, the percentage of Canadians who will become disabled will rise. Currently 42.5 per cent of Canadians over the age of 75 identify themselves as having some form of disability, with hearing loss, mobility issues and memory loss being among the most prevalent.(i)

"In our aging society and with the prevalence of disability on the rise as we age, a disability can lead to significant challenges for individuals and their families," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group. "Therefore, it's important that Canadians understand how disability can affect one's personal and financial situation. Planning for the possibility of a disability should be a consideration in any financial plan to help safeguard individuals and their families from the unexpected."

Mr. Buttigieg noted that few Canadians have factored in the financial repercussions that can arise from having a disability or caring for a family member who becomes disabled. The combination of reduced income and increased spending to cope with a disability can derail a financial plan. For example, a plan on track to last until at least the age of 90 could see all savings exhausted by the age of 77.

The report stressed that both individuals living with a disability and those caring for them need to manage their financial well-being. Having a well-constructed financial plan that properly utilizes a variety of tools can work to provide the most financial benefit. The report contained results from a study commissioned by the BMO Wealth Institute that identified the top tools used to improve the financial situation of those dealing with disabilities:


--  Wills (35 per cent)
--  Powers of attorney (32 per cent)
--  Tax-Free Savings Account (TFSA) (32 per cent)
--  Investment accounts (27 per cent)
--  Registered Disability Savings Plan (RDSP) (five per cent)

The report also recommended that individuals with disabilities should consider opening an RDSP. In order to be eligible for an RDSP, individuals must first qualify for the Disability Tax Credit - a non-refundable tax credit that provides tax relief for individuals who have a severe and prolonged impairment in physical or mental functions. Anyone can contribute to an RDSP, so it gives people who want to help a way to do so. Money invested in an RDSP can lessen the financial burden on those who live with disabilities and help ensure that their finances grow at an accelerated pace. The RDSP is exempt from most provincial disability and income assistance benefits and people with disabilities can choose what to do with the money once it is withdrawn.

BMO Investments Inc. recently partnered with Planned Lifetime Advocacy Network (PLAN), a not-for-profit organization committed to ensuring the safety, security and well-being of those living with disabilities. The partnership will focus on educating individuals and their families about the RDSP. It will also assist those with disabilities to set up RDSPs in order to help with their financial future.

Disability in the Workplace

The BMO Wealth Institute study also found that Canadians believe employers have an important responsibility to accommodate people with disabilities. Respondents stated the following as the top improvements needed by employers to assist disabled workers:


--  Greater accessibility to company premises (63 per cent)
--  More supportive policies and practices in the workplace, such as people
    care days and flexible work arrangements (63 per cent)
--  Improved accommodations in the workplace (58 per cent)
--  Consumer friendly interactive devices, such as self serve checkouts and
    direct payment devices (56 per cent)
--  Career development and training (55 per cent)
--  Executive sponsorship and support in hiring disabled persons (53 per
    cent)

"The longer an individual is disabled, the more pronounced the impact is on their ability to work and earn an income," said Mr. Buttigieg. "While improvements have already begun in workplaces, it is crucial that employers continue to support employees requiring time, resources and flexible work arrangements to help them, or their caregivers, get the care and support that they need."

To view a copy of the full report, please visit: www.bmo.com/wealthinstitute.

For more information on wealth management news at BMO please visit www.linkedin.com/company/bmo-wealth-management-services-canada?trk=top_nav_home.

Get the latest BMO press releases via Twitter by following @BMOmedia.

(i)Statistics Canada, 2012 Canadian Survey on Disability

About the BMO Wealth Institute

The BMO Wealth Institute provides insights and strategies around wealth planning and financial decisions. The Institute's team of professionals have deep expertise around all aspects of wealth planning including retirement, estate, tax and insurance.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $593 billion and more than 45,500 employees at January 31, 2014.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...