Build a More Secure Financial Future with an RDSP
Help support the long-term financial security of a person living with a disability. A Registered Disability Savings Plan (RDSP) offers eligible Canadians a way to save for the future, with potential government grants and bonds.
Get a Free Quote
What Is an RDSP?
A Registered Disability Savings Plan is a Canadian government-registered savings plan designed to help people approved for the Disability Tax Credit (DTC) save for their long-term financial needs.
Long-Term Savings
Build financial savings intended to support the beneficiary’s future and long-term security.
Government Assistance
Eligible beneficiaries may receive Canada Disability Savings Grants and Canada Disability Savings Bonds.
Tax-Deferred Growth
Investment earnings can grow tax-deferred while they remain inside the RDSP.
Help Create Greater Financial Security for the Future
Planning ahead can help families prepare for future financial needs. An RDSP provides a dedicated savings option for an eligible beneficiary and may provide access to government assistance based on eligibility.
- Save toward long-term financial needs
- Apply for eligible government grants and bonds
- Allow investment earnings to grow tax-deferred
- Receive contributions from authorized family members or others
- Explore savings options for a beneficiary’s future
Explore RDSP Grants and Bonds
The Government of Canada offers financial assistance through the Canada Disability Savings Grant and Canada Disability Savings Bond for eligible RDSP beneficiaries.
Canada Disability Savings Grant
A matching grant based on beneficiary income and contributions. Depending on eligibility, the government may match contributions at 100%, 200%, or 300%.
Canada Disability Savings Bond
A government contribution for eligible low- and modest-income beneficiaries. Personal contributions are not required to receive the bond.
Unused Entitlements
Eligible beneficiaries may carry forward unused grant and bond entitlements for up to 10 years, subject to program rules.
Up to $90,000 in Grants and Bonds
Eligible beneficiaries may receive government contributions over time, depending on their circumstances and program rules.
Lifetime Canada Disability Savings Grant
Lifetime Canada Disability Savings Bond
Combined potential lifetime grants and bonds
These are maximum program amounts, not guaranteed payments. Actual grant and bond amounts depend on eligibility, income, contribution history, age, and applicable government rules.
Who Can Qualify for an RDSP?
To be named as an RDSP beneficiary, an individual generally needs to meet the following requirements.
DTC Approval
The beneficiary must be approved for the Disability Tax Credit, subject to the applicable RDSP rules.
Valid SIN
The beneficiary must have a valid Social Insurance Number.
Canadian Residency
The beneficiary must be a Canadian resident when the plan is opened and when contributions are made.
Age Requirement
An RDSP can generally be opened until the end of the year the beneficiary turns 59.
Income Tax Returns
Filing income tax returns helps determine eligibility for applicable grants and bonds.
Plan Holder
An eligible holder manages the plan according to the beneficiary’s circumstances and applicable rules.
Understand RDSP Contribution Limits
Knowing the contribution rules can help you plan savings and avoid exceeding the lifetime limit.
$200,000 Lifetime Limit
The total lifetime contribution limit is $200,000 per beneficiary, including applicable rollover amounts.
No Annual Contribution Limit
There is no annual contribution limit, but the lifetime contribution limit and plan rules still apply.
Contributions from Others
Family members, friends, and other authorized contributors may contribute with the plan holder’s written permission.
How to Open an RDSP
Follow these general steps to explore an RDSP for yourself or an eligible family member.
Confirm Eligibility
Review DTC approval, residency, SIN, and other beneficiary requirements.
Open an RDSP
Choose a participating financial institution and complete the required plan application.
Apply for Benefits
Apply for eligible government grants and bonds, then plan contributions based on your circumstances.
Understand RDSP Withdrawals
RDSPs are designed for long-term financial security. Withdrawals are subject to specific payment rules, tax treatment, and possible repayment of government grants and bonds.
- Regular payments generally begin by the end of the year the beneficiary turns 60
- Some withdrawals may require repayment of recent grants and bonds
- Contributions are not included in the beneficiary’s income when paid out
- Grants, bonds, investment earnings, and certain rollovers are taxable when paid out
- Plan rules and government conditions apply to withdrawals
Before withdrawing funds, consult the financial institution managing the RDSP to understand possible repayments, taxes, and payment requirements.
RDSP FAQs
Answers to common questions about Registered Disability Savings Plans.
What does RDSP stand for?
RDSP stands for Registered Disability Savings Plan. It is a registered savings plan designed to help eligible people with disabilities save for long-term financial security.
Who is eligible for an RDSP?
A beneficiary generally needs DTC approval, a valid SIN, Canadian residency when the plan is opened, and must be under age 60, subject to applicable rules.
How much can the government contribute?
Eligible beneficiaries may receive up to $70,000 in lifetime Canada Disability Savings Grants and up to $20,000 in lifetime Canada Disability Savings Bonds. Actual amounts depend on eligibility and program conditions.
Do I need to contribute to receive the Canada Disability Savings Bond?
No. Eligible low- and modest-income beneficiaries may receive the Canada Disability Savings Bond without making personal contributions.
What is the lifetime RDSP contribution limit?
The lifetime contribution limit is $200,000 per beneficiary, subject to applicable rules for contributions and rollovers.
Can family members contribute to an RDSP?
Yes. Family members, friends, and others may contribute with written permission from the plan holder.
Can RDSP funds be used for any purpose?
RDSP payments are made to the beneficiary and may generally be used for their needs. However, payment rules, tax treatment, and potential government grant or bond repayments can apply.
What happens if the beneficiary loses DTC approval?
The RDSP may be affected by the loss of DTC eligibility. Depending on the circumstances, the plan may remain open for a limited period, and withdrawals or closure may trigger repayment obligations. Contact the plan issuer for guidance.
Explore RDSP Options for Your Future
Learn more about RDSP eligibility, government grants and bonds, and available savings options for long-term financial planning.
Get a Free Quote