Registered Disability Savings Plan
Table of Content
Introduction: CDSP
The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help people with disabilities who are approved for the Disability Tax Credit save for the future. When you open a plan, you may also get grants and bonds from the Government of Canada to help with your long-term savings.
Information is available to help issuers of Registered Disability Savings Plans and Canada Disability Savings Grants and Bonds to fulfil their roles and responsibilities.
FAQ
1) What is an RDSP?
The Registered Disability Savings Plan (RDSP) is a long-term savings plan designed to help people with disabilities save for the future. It’s meant to support financial security over time, not day-to-day income.
2) Do I need the Disability Tax Credit to open an RDSP?
Yes. To open an RDSP, the person with the disability must be approved for the Disability Tax Credit (DTC). Once the RDSP is opened, you may also be eligible for Canada Disability Savings Grants and Bonds from the Government of Canada, depending on your situation.
3) Can I open an RDSP for someone else—and where can I get help?
You can open an RDSP for yourself, or in many cases for a loved one with a disability. If you’re unsure how to get started, free support is available through trusted organizations, and there are tools and guides to help you understand your options and next steps.cal professional or guide you toward options in your area.
Tools and Resources
How to open a Registered Disability Savings Plan (RDSP) for yourself or a loved one with a disability (summary)
Resources for RDSP, grant and bond issuers
Prosper Canada Benefits Wayfinder: An online benefits screening tool for individuals to discover benefits and tax credits to which they may be entitled.
Prosper Canada Disability Benefits Compass: In depth guide that provides information on key federal, provincial, territorial disability benefits, including Canada Pension Plan-Disability, Disability Tax Credit, Canada Disability Benefit, and Registered Disability Savings Plan and provincial/territorial disability assistance. Includes information on eligibility and the overall process, tips on how to apply and what to do if denied.
Plan Institute Registered Disability Savings Plan Website: Through the Access RDSP program, we provide free support to help people access the Registered Disability Savings Plan (RDSP).
Plan Institute Registered Disability Savings Plan Calculator: The RDSP Calculator is a tool to help you assess the potential of opening and contributing to an RDSP. The estimates provided by the Calculator are for information purposes only
Disability Alliance BC DTC Help Sheet: Step-by-step information help sheet on the DTC, its benefits, eligibility, and how to apply. Available in English, Spanish, Farsi, Punjabi, and Arabic.
Partners 4 Planning Webcasts: provides regular free online webcasts