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Registered Disability Savings Plan


What is the Registered Disability Savings Plan?

A Registered Disability Savings Plan (RDSP) was designed to provide long-term financial security for a person with a disability. Tax-deferred investment growth, along with generous government grants and bonds make the RDSP a powerful investment tool. "There must be a catch," is a familiar comment advocates often hear so it comes as a surprise when disabled people learn they can often get thousands and tens of thousands of dollars. Perhaps the most attractive reason to open up an RDSP is to get access to the annual Canada Disability Saving Grants (CDSGs) which can provide 100%, 200% or 300% matching grants, depending both on the beneficiary’s family income and the amount contributed, up to a lifetime maximum CDSG limit of $70,000*


Who Can Apply?

In order to qualify for an RDSP, you must have also qualified for the Disability Tax Credit.


When can I  begin taking money back out?


Money put into a RDSP can be withdrawn at any time but in order to receive the full amount of your grant money, funds must be left in the account for 10 years.  (Grant money received in 2013 are not eligible for use until 2023). 


How do I get started?


Contributions for RDSPs can be made through your local financial institution and invested in a way that best suits you and your goals.


How much money will I get from the government?


Exact amounts vary based on individual returns and the amount of money contributed. The annual Canada Disability Savings Grants (CDSGs) however can provide 100%, 200% or 300% matching grants, up to a lifetime maximum CDSG limit of $70,000.  


In order to qualify for the Registered Disability Savings Plan, you must first have been approved for the Disability Tax Credit


The above information has been contributed by Avi Yoffe, a mother of a child with Type 1 diabetes.  She has had the pleasure of educating families with disabled people (adults and children), on how to receive the maximum amount of disability tax credit as well as RDSP Grants and Bonds. 



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