Girl in Wheelchair
Registered Disability Savings Plan (RDSP)

IN ORDER TO BE ELIGIBLE FOR RDS, THE APPLICANT MUST HAVE THE FOLLOWING REQUIREMENTS:
 

– Be under the age 60 at the time of the first contribution.
– Be a Canadian citizen with a social security number
– Must be eligible for the Disability Tax Credit so that it is confirmed that plans are only started for those with either mental or severe physical impairment

Benefits of a Registered Disability Savings Plan
  • No tax on all money that is contributed

  • As long as there is written consent from the holder of the plan anyone can contribute

  • The Government of Canada will gladly match contributions (based on family income) up to $3500 in CDSG (Canada Disability Savings Grants) a year and up to $1000 a year in CDSB (Canada Disability Savings Bond)

  • Each beneficiary’s lifetime contribution is $200,000 without any annual contribution limitations.

  • If a parent or grandparent passes away and has a financially dependent child or grandchild, they can transfer up to $200,000.00 of their RRSP/RRIF or RPP to the dependent’s RDSP on a tax-deferred basis

Looking to start saving with a Registered Disability Savings Plan?