Registered Disability Savings Plan (RDSP)

Q.1. What is a registered disability savings plan?

A registered disability savings plan is a government savings plan that helps individuals with disabilities and their families to save for the future. Any money that is made from investing in the plan is not taxed as long as it stays in the plan. In addition, there are two funding programs for RDSPs – The Canada Disability Savings Grant and The Canada Disability Savings Bond.

Q.2. Who qualifies?

Any Canadian citizen:

  • under the age of 60;
  • who is a resident of Canada at the time the plan is opened;
  • who has a social insurance number; 
  • who qualifies for the disability tax credit.
Q.3. How does it work?

Through the Canada Disability Savings Grant, the Government deposits money into your RDSP to help you save. The Government provides matching grants of up to 300%, depending on the amount contributed and the beneficiary’s family income. The maximum is $3,500 each year, with a limit of $70,000 over your lifetime.