A registered disability savings plan (RDSP; French: Régime enregistré d'épargne invalidité) is a Government of Canada program designed to enable individuals with disabilities, with assistance from family and friends to save for their future financial security. The Government of Canada assists people to save with the Canada Disability Savings Program, consisting of the Canada Disability Savings Grant and Canada Disability Savings Bond. The Canada Disability Savings Grant matches personal contributions. The Canada Disability Savings Bond provides funding to RDSPs of people with low and moderate incomes.[1][2]
The RDSP is similar to a registered education savings plan. A person who establishes an RDSP can make contributions to the plan up to a lifetime limit of $200,000 for the benefit of the person named the beneficiary.[3]
Contributions are not tax-deductible, and earnings and growth accrue on a tax-deferred basis. Anyone can contribute. The contributions grow tax-free until withdrawn – at which time a proportion of the plan (earnings and growth received) is taxable and will need to be declared as income in the hands of the beneficiary at that time. In most cases it should not affect eligibility for provincial disability benefits. There are no maximum annuations. Contributions can be made up to the end of the year in which the beneficiary turns 59 years old.
This is not an alternative to setting up a trust for a person with disabilities, but should be used in conjunction with other vehicles, such as Henson trusts, insurance products, segregated funds and Lifetime Benefits Trusts to build a solid financial plan.
^"Thanks to Jim Flaherty, disabled Canadians can fulfill their dreams". Retrieved 2016-09-22.
^"Government launches review of the Registered Disability Savings Plan". actionplan.gc.ca. Retrieved 2015-12-13.
A registereddisabilitysavingsplan (RDSP; French: Régime enregistré d'épargne invalidité) is a Government of Canada program designed to enable individuals...
Flaherty introduced the RegisteredDisabilitySavingsPlan (RDSP). The RDSP is a long-term savingsplan to help Canadians with disabilities and their families...
Flaherty introduced the RegisteredDisabilitySavingsPlan (RDSP). The RDSP is a long-term savingsplan to help Canadians with disabilities and their families...
A registered retirement savingsplan (RRSP) (French: régime enregistré d'épargne-retraite, REER), or retirement savingsplan (RSP), is a type of financial...
in order to qualify for the RegisteredDisabilitySavingsPlan , the working income tax benefit, and the child disability benefit. Families using a Henson...
by subtracting universal child care benefits (UCCB) and registereddisabilitysavingsplans (RDSP) from net income exclusive of amounts repaid for those...
Revenue Code; similar to a 529 plan, but designed for the benefit of people with disabilities Coverdell Education Savings Accounts Guaranteed Education...
first home savings account (FHSA) in a Registered education savingsplan (RESP) in a Registereddisabilitysavingsplan (RDSP) in a trust A key characteristic...
RRSPs $140 million to establish a RegisteredDisabilitySavingsPlan Removal of the Registered education savingsplan annual contribution limit Enhancement...
reporting requirements on gains in his Canadian government-funded RegisteredDisabilitySavingsPlan. The statutory definition of some potentially expatriating...
bankrupt – exclusion), proposed to protect Registered Education SavingsPlan or RegisteredDisabilitySavingsPlan from creditors in a bankruptcy settlement;...
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disabilities. These include the creation of RegisteredDisabilitySavingsPlans in 2006, the Accessibility Fund in 2007 and Tax-free free Disability Savings...
the benefits of a RegisteredDisabilitySavingsPlan (RDSP). The RDSP can help families of individuals with intellectual disabilities with saving money...
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advantage of a government tax-shelter for investments called a Registered Retirement SavingsPlan or may save money privately. Usually each province has a department...
comes with significant benefits, including efficiencies resulting in cost savings (for instance by reducing the number of front office staff), and reducing...
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