Registered disability savings plan (RDSP)
Providing a secure financial future.
What is an RDSP?
A registered disability savings plan (RDSP) is a long-term, tax-deferred savings and investment option for Canadians with disabilities.
Tax-deferred growth
Contributions to an RDSP are tax-deferred, which means the investment income you earn isn’t taxable until withdrawn.
Government assistance
Eligible Canadians can receive up to $90,000 over a lifetime in Canada Disability Savings Grants and Bonds, plus Endowment 150. Use term deposits to save cash that you don’t need to use now but are likely to use within the next 5 years.
No annual maximum
Contribute to the plan at your pace with no annual limit. There is a $200,000 lifetime contribution limit. You can make contributions until December 31 of the year when the beneficiary turns 59.
How an RDSP works.
We’ve partnered with Ability Tax and Trust advisors and Equal Futures to offer free and easy service for helping you open an RDSP. An RDSP plan holder can be a parent or legal guardian, or a beneficiary who is over 18 and contractually competent to enter the plan.
Get started
Visit Equal Futures or calling 1-855-773-7377 to receive:
- Eligibility assessment for the RDSP
- RDSP qualification filings
- Tax credit and benefits review
- RDSP account opening support
Check to see if you’re eligible
To be eligible to open an RDSP, you must:
- Be eligible for the disability tax credit (DTC)
- Have a valid social insurance number (SIN)
- Be a resident in Canada when the plan is entered into and
- Be under 60 yrs old (if you’re 59, you must apply before Dec. 31)
If you already have a Disability Tax Credit Certificate, you can book an appointment to set up your RDSP.
Apply for grants and contributions
Once your RDSP account is open, we can help you apply for the Canada Disability Savings Grants and Bonds. Print and fill out the application on the government website, then book an appointment with us.
Anyone can contribute to the RDSP with written permission from the plan holder.
Grow your investments
Funds in the RDSP can be invested in mutual funds*, term deposits/GICs or in a Jumpstart® High Interest Savings account. Our investment professionals can help you build an investment portfolio that works to achieve your financial goals.
Withdrawing RDSP
The RDSP was made to encourage long-term savings, so there are rules around withdrawing early. You must wait at least 10 years after you received your last bond or grant before you can withdraw freely. Otherwise, you may have to return some of the money from the government.
By the end of the calendar year that you turn 60, you must start withdrawing from your RDSP at least annually. Because this will be 10 years after your last possible bond or grant, withdrawals starting at age 60 won’t cause repayments of bonds or grants.
Your advisor can create a plan for withdrawing, before or after 60, with all of this in consideration.
RDSP grants and bonds.
Up to 300%
Canada Disability Savings Grant (CDSG)
Access government matching grants of up to 300%, depending on the beneficiary’s family income and contribution. The maximum CDSG is $3,500 per year (if not catching up past years entitlement) with a lifetime limit of $70,000.
Up to $1,000
Canada Disability Savings Bond
Receive up to $1,000 per year, if not catching up past years entitlement, if the beneficiary’s family income is under certain thresholds.
$150 grant
Endowment 150
A one-time $150 grant to help children and low-income adults living in BC to grow their RDSPs.
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Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.