CPP Disability and inheritance

[Shelley]

While receiving CPP Disability do I have to report an inheritance?
Will this affect my payments? Also, can you purchase RRSP’s while receiving CPP Disability?

Thanks all

[smiley]

You do not have to report inheritance and you can purchase rrsps. You should speak to a financial advisor or a tax specialist to see how efficient it would be for you for rrsps. I believe this was answered on the forum as well. CPPD cares about income only at this time.

[jammer]

@smiley

You should speak to a financial advisor or a tax specialist to see how efficient it would be for you for rrsps.

My financial advisor suggested I put money in a TFSA.
It’s more easily liquefied and I don’t pay much tax now.

[Elaine]

@Shelley

Also, can you purchase RRSP’s while receiving CPP Disability?

You can contribute into RRSP while receiving CPPD.

@Shelley

While receiving CPP Disability do I have to report an inheritance?

You need to see what your LTD policy says.

[Caro]

I don’t think any LTD policy would deduct inheritances. They are looking for things you get paid for or instead of work earnings.

RRSPs you can contribute as long as you have contribution room.

[mrshastri]

I agree with the other posters. One thing I would strongly suggest is to educate yourself on RRSP’s and TFSA’s . Many financial sales people call themselves “financial planner” when they are not. They get paid by commision so they are usually more interested in how much commission they can make from your investments. Financial advisors who charge a flat fee just to give you advice are the best. Books such as Investment for Dummies and Personal Finance for Dummies are a good start. Make sure they were written for Canadians.