The registered disability savings plan (RDSP): a form of socio-economic support

March 1, 2017

Emilie BrousseauDid you know that those who are eligible for the disability tax credit also have access to the RDSP?

The RDSP is a highly advantageous long-term savings option that allows people with important and prolonged physical or mental limitations to save in preparation for disability or retirement. Families can also contribute to ensure the financial security of a loved one living with a disease. Even parents or legal guardians can open a RDSP for a minor child. 

To be eligible, a person must:

  • be eligible for the disability tax credit;
  • be a Canadian resident;
  • be under 60 years old;
  • have a social insurance number.

The RDSP has many financial benefits, including contributions by the government that are based on the plan contribution level (money deposited) and financial situation of the plan holder. The Canada disability savings grant can reach up to $3,500 a year. As for the Canada disability savings bond, it can reach up to $1,000 a year. Low-income Canadians can access the bond without contributing to the plan. For details, visit the Service Canada website.

“I have been living with juvenile arthritis for 27 years. I know how this type of disability comes with very specific challenges in every aspect of a person’s life. Living with a chronic disease sometimes makes it difficult to attain and maintain the status of full-time worker. When I first heard about the RDSP, I didn’t hesitate one second before joining. I told myself I would take advantage of every support program available to improve my quality of life. This way, I’m planning for my future by putting small amounts aside, and the government helps me by contributing as well. It’s motivating and reassuring for the future!

- Ă‰milie Brousseau