Registered Disability Savings Plan (RDSP): A plan set up to help Canadians with disabilities be financially prepared for the future.
You can have an RDSP account if you are:
- Eligible for the Disability Tax Credit
- A Canadian resident with a Social Insurance Number (SIN)
- Under the age of 60
Things to know about a RDSP
Anyone can contribute to a RDSP: Family, friends, neighbours, or even a stranger; whoever wants to help out can!
- Use of Withdrawals: Once taken out of the fund, the money can be used for anything.
- Lifetime Contribution Limit: You can contribute any amount into a RDSP each year, up the $200,000 lifetime contribution limit
Government Benefits for Low-Income families
Canada Disability Savings Grant
$95,295 and below
The government will match $3 for every $1 contributed in the RDSP
Canada Disability Savings Bond
$31,120 and below
The government will put in $1000 each year for 20 years