Concentra Trust (Concentra) launched Registered Disability Savings Plans (RDSPs) today, making the Canada-wide registered matched savings program available to Concentra’s network of credit unions and the communities they serve across Canada. The RDSPs are the latest addition to the Saskatchewan-based financial institution’s trust and personal investing solutions for credit unions.
“Registered Disability Savings Plans are important investment vehicles for many Canadians in the pursuit of financial freedom for their children and family members living with disabilities,” said Selena Gusikoski, Registered Plans Business Development Director at Concentra. “Offering RDSPs will help us expand our long-term investment options and meet the needs of credit union members who are supporting loved ones and helping them save for the future. Members and their beneficiaries who are eligible for the Disability Tax Credit can now open an RDSP at any one of Concentra’s member credit unions and take advantage of generous federally matched contributions and incentives, including the Canada Disability Savings Bond (CDSB) and the Canada Disability Savings Grant (CDSG).”
Concentra’s RDSP offering will provide a valuable investment opportunity for parents and caregivers saving for the long-term financial security of Canadians living with disabilities. The registered investment products were launched with Portfolio+, a Canadian financial services software solution for financial institutions. The registered investment plans are available to members starting today.
“The Portfolio+ RDSP software solution was designed for financial institutions that understand their customers’ diverse needs and the value of providing financial security to all Canadians, including those living with disabilities,” said Dianne Cupples, CEO of Portfolio+ Inc. “RDSPs are a fantastic long-term investment option for Canadians who are eligible for the Disability Tax Credit because the federal government will make annual contributions to these plans and help individuals save. We’re proud to be a part of this and we’re excited to see Concentra expanding its investment options to meet the needs of every Canadian.”
About Portfolio+ Inc.
Portfolio+ Inc. connects financial institutions with customers and partners using innovative technologies. Its core banking software solutions and open banking technology are used by financial institutions in Canada and the UK. With its powerful +Open Banking Platform and fully documented RESTful APIs, Portfolio+ has the power to connect banks, credit unions, and financial institutions with the evolving ecosystem of financial services technology that is putting everyday customers in control of their financial data.
Located in the Greater Toronto Area (GTA), Portfolio+ is used by 5 of the 7* largest financial institutions in Canada and is a part of Volaris Group Inc.
For more information, please visit portfolioplus.com.
*Based on TSE market capitalization figures retrieved in September 2020.
Concentra Bank’s purpose is Creating the future of banking, to enable your success. Concentra collaborates with fintechs, credit unions and other companies to offer Canadian consumers and businesses great products to help meet their needs, including mortgages, savings products, various specialty banking products, commercial lending and leasing solutions, and more. Concentra has both a Schedule I bank licence as well as a separate federally regulated trust licence, and is the leading provider of wholesale banking and trust solutions to Canadian credit unions. Concentra Trust offers wealth management, personal and corporate trust services, and estate planning and administration. Concentra has an investment grade external debt rating from Dominion Bond Rating Services. For the last 17 years, Concentra has been one of Canada’s Best Managed Companies. concentra.ca | concentrabank.ca
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