Plan A Future For Disabled Family Members

What is a Resigtered Disability Savings Plan (RDSP)?

A registered disability savings plan (RDSP) is a savings plan that is to help eligible persons with disabilities and their families to save for the future helping to create financial stability. 

An RDSP creates a tax deferred growth structure similar to other registered saving plans (RESPs and RRSPs). In addition, the RDSP allows eligible individuals to receive matching Canada Disability Savings Grants (CDSGs) totaling up to $70,000, and the plan may be eligible for Canada Disability Savings Bonds (CDSBs) totaling up to $20,000.

Who is Eligible?

Any person can be a beneficiary if he:

  • is eligible for the disability amount;
  • has a valid social insurance number (SIN);
  • is a resident in Canada and at the time the plan is entered into;
  • is under the age of 60. This age limit is not applicable when a beneficiary’s RDSP is opened as a result of a transfer from the beneficiary’s prior RDSP.

Note: A person is eligible for the disability amount if a qualified practitioner certifies on Form T2201, Disability Tax Credit Certificate, that the individual has a prolonged impairment and been approved by Revenue Canada Agency.

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