The Registered Disability Savings Plan
Helping Canadians With Disabilities Save for the Future
The RDSP is a tax-deferred savings vehicle introduced by the Government of Canada to help Canadians with disabilities and their families save for their long-term financial security and access to up to $90,000 in government Grants and Bonds.
To qualify for an RDSP, you must:
- Be eligible for the Disability Tax Credit (information available on the Government of Canada's Website HERE)
- Be a resident of Canada
- Be less than 60 years of age
- Have a valid Social Insurance Number (SIN)
- You may be able to access up to $90,000 in Government of Canada grands with an RDSP
- If you already qualify for the Disability Tax Credit you can access these grants right away.
Three Things You Need To Know:
Once a withdrawal of any amount is made, all federal grants and bonds paid into the RDSP in the previous 10 years must be repaid to the federal government on a 3:1 basis
Beneficiaries aren't required to pay taxes on their RDSP until withdrawals are made or the RDSP is terminated