Registered Disability Savings Plan
The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future.
The beneficiary of the RDSP is the person who will receive the money in the future.
The RDSP is delivered by: Canada Revenue Agency (CRA)
The Grant and Bond are delivered by: Employment and Social Development Canada (ESDC)
Any person who:
- is eligible for the Disability Tax Credit (disability amount);
- is a Canadian resident;
- is under 60 years of age (if 59, the individual must apply before the end of the calendar year in which he/she turns 59); and
- has a social insurance number.
If the person is a minor, their parent or legal representative may establish the RDSP for their benefit.
Several financial organizations offer the RDSP, Canada Disability Savings Grant and Canada Disability Savings Bond. To open an RDSP, contact a participating financial organization to complete a registration form.
The lifetime contribution limit for an RDSP is $200,000, with no annual limit. Anyone can contribute to the RDSP with the written permission of the plan holder.
Contributions are not tax-deductible and are not included in income when paid out of an RDSP.
Investment income earned in the plan accumulates tax-free. However, grants, bonds, and investment income earned in the plan are included in the beneficiary's income for tax purposes when paid out of the RDSP.
- The Government may pay a matching Canada Disability Savings Grant of up to $3,500 a year on contributions.
- The Government may also pay a Canada Disability Savings Bond of up to $1,000 a year into the RDSPs of low-income and modest-income Canadians. The bond is paid into an RDSP even if no contributions were made to the plan.
- Contact 1 800 O-Canada
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