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Registered Disability Savings Plans (RDSPs)
An RDSP is a powerful savings tool designed for Canadians and their families with disabilities.
Why invest your money in an RDSP
RDSPs allow your money to grow tax deferred. The beneficiary of the account will not pay tax on earnings until the funds are withdrawn.
What is an RDSP?
An RDSP helps parents and others save for the long-term needs of a person with a severe and prolonged mental or physical impairment.
The disabled person who will receive the funds is called the beneficiary. To qualify for an RDSP, the beneficiary must be eligible for the Disability Tax Credit.*
What about contribution limits?
There is a $200,000 lifetime contribution limit, which can be made until the end of the year the beneficiary turns 59.* Withdrawals must begin in the year that the beneficiary turns 60 and are subject to an annual withdrawal limit.
Does the government also contribute?
Yes, to help boost your savings the Government of Canada provides Canada Disability Savings Grants (CDSG) and Canada Disability Savings Bonds (CDSB). The maximum grant (CDSG) is $3,500 each year, with a total liftetime maximum of $70,000. The maximum bond (CDSB) is $1,000 each year, with a lifetime limit of $20,000. No contributions have to be made to receive the bond.
Is this Registered Plan right for you?
Right for you if you:
- Need an account to save on a tax-deferred basis for the long-term needs of a person with a severe and prolonged mental or physical impairment
- Are eligible for the Disability Tax Credit
- Want to have funds in an RDSP that are eligible for Canadian Government grant/bond
May not be right for you if you:
- Not eligible for the Disability Tax Credit
- Do not have available contribution room
The Investment Companion Booklet includes important information about our products, services, and fees.
Building your RDSP
Guaranteed Investment Certificates (GICs)
A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.
Government Disability Programs
The Canadian government will contribute to a person's RDSP through the Canada Disability Savings Grant and Canada Disability Savings Bond.
ScotiaFunds® Portfolio Solutions
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*
Note: SDSPs (Specified Disability Savings Plans) are an exception to the above as they allow beneficiaries who have shortened life expectancy greater flexibility to access their savings. If the RDSP is an SDSP, payments must start before the end of the calendar year following the year in which the plan last became an SDSP. Also once the plan is designated as a SDSP, no more contributions can be made and the plan will not be entitled to any new grant or bond.