Registered Disability Savings Plan

A Registered Disability Savings Plan (RDSP) is a government program designed for Canadian residents under 60, living with disabilities, recieving the Disability Tax Credit, and who hold a valid social insurance number. A parent or guardian can open an RDSP on behalf of a person with a disability if needed. 

Key Benefits of an RDSP:

  • Money contributed grows tax free
  • Anyone can contribute to an RDSP with the written consent of the account holder 
  • Contributions can be matched, based on family income, with up to $3,500 a year in Canada Disability Savings Grants (CDSG) and up to $1,000 a year in Canada Disability Savings Bonds (CDSB)
  • Carry forward on CDSG and CDSB is avaliable back 10 years or to date of diagnosis
  • The total lifetime contribution for each beneficiary is $200,000, with no annual contribution limits
  • If a parent or grandparent passes away and has a financially dependant child or grandchild, they can transfer up to  $200,000 of their RRSP/RRIF to the dependent's RDSP on a tax-deferred basis

Ready to open an account or have some questions about this account?