What is an RDSP?
A Registered Disability Savings Plan (RDSP) is a government program designed for Canadian residents under 60, living with disabilities, receiving the Disability Tax Credit, and who hold a valid social insurance number. A parent or guardian can open an RDSP on behalf of a person with a disability if needed.
Either way, an RDSP is a matched savings plan with a $200,000 maximum lifetime contribution limit with no yearly minimum or maximum contribution. All funds in the plan are tax-sheltered and are not impacted by federal or most provincial social benefits. Not only that, through Canada Disability Savings Grants, the Government of Canada may contribute up to $3 for every $1 you put into the fund up to $70,000.
Anyone, including family, friends, or neighbours, can help you save by contributing. RDSPs can hold a variety of investment options depending on your needs or goals; there’s an RDSP that’s right for you, we’ll make sure you find it.