The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future.
Contributions to RDSPs may be supplemented by a Canada Disability Savings Grant and a Canada Disability Savings Bond.
The beneficiary of the RDSP is the person who will receive the money in the future.
The RDSP is delivered by: Canada Revenue Agency (CRA)
The Grant and Bond are delivered by: Employment and Social Development Canada (ESDC)
Eligibility InformationAny person who:
- is eligible for the Disability Tax Credit (disability amount);
- is a Canadian resident;
- is under 60 years of age (if 59, the individual must apply before the end of the calendar year in which he/she turns 59); and
- has a social insurance number.
Application informationSeveral financial organizations offer the RDSP, Canada Disability Savings Grant and Canada Disability Savings Bond. To open an RDSP, contact a participating financial organization to complete a registration form.
Additional informationThe lifetime contribution limit for an RDSP is $200,000, with no annual limit. Anyone can contribute to the RDSP with the written permission of the plan holder.
Contributions are not tax-deductible and are not included in income when paid out of an RDSP.
Investment income earned in the plan accumulates tax-free. However, grants, bonds, and investment income earned in the plan are included in the beneficiary's income for tax purposes when paid out of the RDSP.
- The Government may pay a matching Canada Disability Savings Grant of up to $3,500 a year on contributions.
- The Government may also pay a Canada Disability Savings Bond of up to $1,000 a year into the RDSPs of low-income and modest-income Canadians. The bond is paid into an RDSP even if no contributions were made to the plan.
- Contact 1 800 O-Canada
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