Registered Disability Savings Plan
A Registered Disability Savings Plan (RDSP) helps people with disabilities and their families save for the future.
Contributions to RDSPs may be supplemented by a Canada Disability Savings Grant and a Canada Disability Savings Bond.
The RDSP is delivered by : Canada Revenue Agency (CRA)
The Grant and Bond are delivered by: Human Resources and Skills Development Canada (HRSDC)
Eligibility Information
Any person who:
- is eligible for the Disability Tax Credit (disability amount);
- is a Canadian resident;
- is under 60 years of age (unless a beneficiary's RDSP is opened as a result of a transfer from the beneficiary's former RDSP); and
- has a social insurance number.
If the person is a minor, their parent or legal representative may establish the RDSP for their benefit.
Application information
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.
Additional information
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.
Related information
- 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 Information
- Contact 1 800 O-Canada