A Registered Disability Savings Plan (RDSP) is a long–term savings plan for Canadian’s living with disabilities. The RDSP is a tax–deferred savings plan, which means that the money you contribute to the RDSP grows tax–free. It is an incredibly secure way to save for the future and provide financial security for people with disabilities.
The RDSP offers a number of benefits, including:
- In as little as 15 minutes, you can sign-up for an RDSP and receive up to $20,000 in Bonds and $70,000 in Grants from the government. Want to get started in opening an account today? We can help! Click here.
- If you choose to contribute, then your contributions are matched up to 3 to 1, up to an annual maximum, and you can receive up to $70,000 in Grants over the life of your RDSP.
- Since the RDSP is a registered account, your account will grow tax-free.
- An RDSP can provide you with Lifetime Disability Assistance Payments (LDAP’s).
- The money in your RDSP can help to pay for increased costs in the future.
- Less than 1 in 3 (33%) of eligible Canadians have opened an RDSP. As a result, there are tens of millions of dollars of bonds and grants that are going unclaimed. Don’t be one of these statistics!
ref. https://www150.statcan.gc.ca/n1/daily-quotidien/220401/dq220401b-eng.htm - The Bonds and Grants are only available until the year in which you turn 49, so waiting to open your account could mean that miss the opportunity to receive them.
- The Bonds and Grant are retroactive, based on your DTC eligibility, meaning that in some cases you may be able to receive them from up to 10 previous tax years.
- The RDSP program is setup to pay more to individuals and families who earn less. Even if you or your family have a high family net income, you are still eligible for 1:1 matching in contributions.
- You are entitled to it! This program was put in place to support Canadian’s living with disabilities, so make sure you take advantage of it.