New member here! Wow, I wish I had found this forum and Resolute resources earlier in my journey.
I have survived claims with employer, Insurance company, and ODSP and CPP application processes. I’m really grateful to be on the other side of it and focus on myself and dignified life…but I’m still feeling overwhelmed in my newfound financial situation and disability status.
Does anyone have any experience working with disability financial planning specialists who are familiar with all the aspects like CPP, tax efficiency and accounting, how to best invest the settlement $ meant to take care of me? I am feeling anxious navigating this and I realize the added stress is not good for my health. I have approached each action individually as best as I could (ex. financial planner at the bank, volunteer tax prep) but is there such a thing as a ‘one stop shop’ that specializes in disability circumstances? While I’m grateful for the individual services I’ve been able to access so far, I always feel I have to over explain my situation, and it can feel exasperating. I think it would give me great piece of mind working with specialists who just get it, and where I am not such a ‘unique’ case.
If you are eligible, then apply for it as soon as you can get the paperwork ready. It takes a very long time for them to process the application but they will go back and redo your taxes for the earlier years if you ask them to. Generally they will approve you for several years at a time.
Does anyone have any experience working with disability financial planning specialists who are familiar with all the aspects like CPP, tax efficiency and accounting, how to best invest the settlement $ meant to take care of me?
I attend networking events a lot, and I have some background in financial services, and I found myself a certified financial planner who was willing to learn the ODSP policy and he thoughtfully created a financial plan that works for me. Finding a financial planner who is willing to learn and also give appropriate advice is probably rare, but I couldn’t risk my emotions and investments being thrown into a roller coaster.
I found my financial planner listed on FP Canada website they have a section called Find a Planner. Interview a few of them to see which ones you connect with and who has the heart of a teacher and knows you are making the financial decision their job is to execute them.
Out of learning the ODSP policy and developing a passion for numbers I’m pursuing a career in finance and accounting to add to my entrepreneurship career. I’m eligible for ODSP and in 2017 I decided to read and read again the entire ODSP policy created a financial plan that could have me exit ODSP.
My goal is before I turn 50.
My financial planner runs his own independent business, he is not working in a bank. Which is extremely important. Bank financial planners are captive to the bank and they will sell you bank products.
There are hundreds of other options out there. FP Canada, find a planner directory Find a Planner
There is also Reegan financial planning his blog got me to understand how I can use a segregated fund in my financial planning while eligible for ODSP.
Searching for an independent financial planning who understands disability or is just a good financial planner takes a little effort to search for, but there are good ones out there.
I don’t know anything about them, but I know to find a financial advisor who understands or is willing to learn about disability financial planning is a lifetime search.
I hope they are able to help others. I know passing the financial credentials is not easy.
