RDSP
What is a Registered Disability Savings Plan (RDSP)?
WHAT IS RDSP
An RDSP is a government-supported savings plan for people with disabilities.
It helps:
- Build long-term financial security
- Receive government grants and bonds
- Grow money tax-deferred
- Support independence
Money in an RDSP can be used later for:
- Housing
- Medical care
- Education
- Transportation
- Daily living expenses
RDSP is meant for the future, not short-term spending.
Who Can Open an RDSP?
You can open an RDSP if:
- You qualify for the Disability Tax Credit
- You live in Canada
- You have a SIN
- You are under age 60
An RDSP can be opened by:
- The person with the disability
- A parent
- A legal guardian
- A legal representative
Only one RDSP is allowed per person.
Canada Disability Savings Grant
The government adds money when you contribute to an RDSP.
Depending on family income:
- Government may match 100% to 300%
- Maximum $3,500 per year
- Lifetime limit $70,000
Canada Disability Savings Bond
For families with low income.
- Up to $1,000 per year
- Lifetime limit $20,000
- No contribution required
- Paid directly into the RDSP
