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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Investments are tax-deferred until the funds are withdrawn.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.
Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd. provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.