RDSP
Do you or a loved one have a disability? A Registered Disability Savings Plan (RDSP) could be your pathway to a financially secure future. An RDSP is a tax-sheltered savings plan, with no annual contribution limit. The savings through the plan can be used to pay for your long-term financial needs, such as medical or home care costs.
The biggest advantage of the RDSP is that by having one, you could be eligible to receive up to $90,000 in government contributions through two financial programs:
The biggest advantage of the RDSP is that by having one, you could be eligible to receive up to $90,000 in government contributions through two financial programs:
- The Canadian Disability Savings Grant (CDSG): The federal government will match contributions up to $3,500 annually up to a lifetime maximum of $70,000.
- Canada Disability Savings Bond (CDSB): The federal government will contribute $1,000 annually to low-income Canadians, up to a lifetime maximum of $20,000.
Who can open an RDSP?
You can open an RDSP if you are:- A parent or legal guardian of the beneficiary (or another individual who is legally authorized to act for the beneficiary)
- A public department, agency, or institution that is legally authorized to act on behalf of the beneficiary
Who can become a beneficiary of an RDSP?
To be eligible to be a beneficiary of an RDSP, an individual must:- Be eligible for the disability tax credit (DTC)
- Have a valid Social Insurance Number
- Be a resident of Canada
- Be under the age of 60
How To Apply
To connect with a member of the CUA team to discuss opening an RDSP fill out the form below. You can also book an appointment at your branch, or by calling the Customer Contact Centre at 902.492.6500.RDSP FAQs
Yes. The lifetime contribution maximum is $200,000.
You can contribute until the end of the calendar year in which the beneficiary turns 59.
Anyone can contribute to an RDSP with permission of the plan holder.
Contributions are not tax-deductible.
However, the Canada Disability Savings Grant, Canada Disability Savings Bond and investment income earned in an RDSP will be included in the beneficiary’s income when paid out.
