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A Registered Disability Savings Plan (RDSP) helps parents and others save for the long-term financial needs of an individual with a disability. Individuals must be eligible for the disability tax credit, have a valid social insurance number, be a Canadian resident and under the age of 60.
Investments are tax-deferred until the funds are withdrawn.
There is no annual contribution limit however there is a lifetime contribution limit of $200,000. Contributions can be made until the end of the year when the beneficiary turns 59.
Depending on the beneficiary’s family income and the amount contributed, the government will pay matching grants of 100%, 200% or 300%, up to a maximum of $3,500 in one year. A beneficiary may receive up to $70,000 in a lifetime. The government will provide a grant on contributions made until the end of the year when the beneficiary turns 49.
Bonds of up to $1,000 a year will be paid directly into an RDSP to low-income Canadians with disabilities. The amount of the bond is based on the beneficiary’s family income. The bond is paid into the RDSP until the end of the year when the beneficiary turns 49 and has a lifetime bond limit of $20,000. It’s not a requirement to make contributions in the RDSP to receive a bond.
For information on changes to deposit insurance and the transition period if we become a federal credit union, see the notice pursuant to the Disclosure on Continuance Regulations (Federal Credit Unions).