What is a RDSP?
RDSP: Registered Disability Savings Plan
RDSP: Registered Disability Savings Plan known as RDSP is a Government of Canada program designed for long term savings to help people with disabilities who qualify for the Disability Tax Credit (DTC) to save for the future.
RDSP Eligibility Requirements
To qualify for an RDSP, the beneficiary must:
- Be a Canadian resident
- Have a valid Social Insurance Number (SIN)
- Be approved for the Disability Tax Credit (DTC)
- Be under age 60 for contributions
- Beneficiary is eligibility for grants and bonds until December 31 of the year they turn 49.
How to Open a Registered Disability Savings Plan (RDSP)
Step 1: Get Approved for the Disability Tax Credit (DTC)
- Complete and submit the T2201 Form to the Canada Revenue Agency
- This confirms eligibility for the RDSP
Step 2: Speak with a RDSP Expert
- Before opening a plan, understand your options first.
- We determine your RDSP eligibility
- We work with leading financial institutions across Canada.
Step 3: Open the RDSP Account
- Complete the RDSP application with your chosen institution
- Provide required documents such as SIN, DTC Approval
- Account is opened under the beneficiary's name
Step 4: File Your Taxes
- Family income is used to determine eligibility for:
- Government grants
- Government bonds
Step 5: Start Savings and Grow Your RDSP
- Make contributions
- Government may match contributions
Government Benefits
- Up to $1,000 per year in bonds (no personal contribution required)
- Up to $3,500 per year in grants (matching contributions up to 300%)
Receive Up to $90,000 from the Government of Canada
- Up to $20,000 in government bonds
- Up to $70,000 in government grants
RDSP Form
- We help guide you through the best options available in Canada. For assistance, please complete our RDSP Form.