How much you could get in grants and bonds

How much you could get in grants and bonds

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Grants and bonds from the government

When you open an RDSP, you can apply for a Canada Disability Savings Grant and Bond:

How much you get depends on family income and contributions

You can contribute any amount of money to your plan at any time of the year. For each eligible contribution you make, you will receive the matching grant in your plan.

If you are eligible to receive a bond, you will automatically receive it into your plan every year. No contributions are needed to receive the bond.

The amount of grants and bonds you can receive in a year is based on family income.

We use the family income reported on your tax returns two years before. For example, the amount of grants and bonds for 2022 is based on family income from 2020.

Depending on your income:

  • to get the maximum amount of grant, you need to contribute $1,500 in the year
  • you could receive up to $3,500 in matching grant
  • you could receive up to $1,000 in bond

You may receive more in a year if you have unused grants and bonds from previous years.

Estimate your grants and bonds payments for the year

With a family income of $ and contributions of $, you would get:

  • Grant amount:
       $
  • Bond amount:
    + $
  • Total in grants and bonds:
    = $
See the math behind grants and bonds payments

Grant amount depends on family income and contributions

The amount of matching grant you can receive depends on your family income.

If your family income is:

less than or equal to $100,392

You can contribute to your plan any time during the year. For each contribution, you will receive a matching grant:

  • If you contribute up to $500, the government will deposit $3 for every $1 you contribute.
  • If you contribute up to $1,000 more to your plan, the government will deposit $2 for every $1 you contribute.
  • To get the maximum amount of grant, you need to contribute $1,500 in the year.
Example 1: contribution under $500

Marty has a family income of $40,000 and they contributed $50 to their plan. The government will give Marty a grant of $150 (3 X $50).

Example 2: contribution over $1,000, but under $1,500

Geneviève has a family income of $60,000 and contributed $1,200 to their plan. The government will give Geneviève a grant of $2,900, calculated as follows:

  • $1,500 for the first $500 of contributions (3 X $500)
  • $1,400 for the remaining $700 of contributions (2 X $700)
Example 3: any contribution over $1,500

Miguel has a family income of $80,000 and contributed $2,000 to their plan. The government will give Miguel a grant of $3,500 (the maximum grant amount). Since Miguel contributed more than $1,500, they won't get a matching grant for the last $500.

greater than $100,392

If you contribute up to $1,000 each year to the RDSP, the government will deposit $1 for every $1 you contribute.

Example 1: contribution under the $1,000

Elsa has a family income of $150,000 and contributed $400 to their plan. The government will give Elsa a grant of $400.

Example 2: contribution over $1,000

Michel has a family income of $200,000 and contributed $1,200 to their plan. The government will give Michel a grant of $1,000 (the maximum grant amount for their family income).

Bond amount only depends on family income

You do not need to make any contributions to your plan to receive the bond.

The amount of bond you receive depends on your family income:

less than or equal to $32,797

The government deposits $1,000 each year to the RDSP.

between $32,797 and $50,197

The government deposits a portion of the $1,000 to an RDSP each year. As the income increases, the Bond amount paid into the RDSP decreases.

over $50,197

No bond is paid.

Bond amount calculation example

Mark opened an RDSP and has a family income of $19,000.

Mark's income was below $32,797, so the government deposits $1,000 to Mark's RDSP.

How we determine family income

Family income depends on the beneficiary's age:

Family income for beneficiaries age 18 and under

Until December 31 of the year the beneficiary turns 18, their family income is their parents' or guardians' income that is reported to The Canada Revenue Agency.

To continue receiving the right amount of grants and bonds in the year they turn 19 and for all future years, the beneficiary has to file personal income tax returns for when they were 17 and 18 and provide their consent for the government to use their income for amount calculations. They can do this by signing the grant and bond application form with their financial institution. This can be done retroactively.

Family income for beneficiary's aged 19 and over

Beginning the year the beneficiary turns 19, the beneficiary's family income is based on their income plus their spouse's income (if applicable).

To receive the correct amount of grant and bond starting in the year the beneficiary turns 19, beneficiaries over 18 must have filed a personal income tax return for when they were 17 and must do so for all future taxation years. The beneficiary has to provide their consent for the government to use their income for amount calculations when they turn 19. They can do this by signing the grant and bond application form with their financial institution.

When you will receive a matching grant on contributions

For each eligible contribution you make, you will receive the matching grant in your plan within 6 to 8 weeks.

Get unused grant and bond amounts from previous years

You might not have gotten all the grants and bonds you were eligible to receive in previous DTC-approved years. This could have happened, for example, if:

The amount of grant and bond you haven’t claimed is available in the following years. This is what we call a carry-forward.

You can automatically catch up on grants and bonds from the 10 previous DTC-approved years.

This is only possible if you opened a plan and made contributions before December 31 the year you turn 49. After that time, you are no longer eligible to receive grant or bond.

Catching up on grants

To receive unused amounts of grants, you need to make contributions to your plan.

The amount of unused grants you can get depends on family income and how much you contribute for those years.

If you have a plan, you will receive a Statement of Entitlement in the mail every February up to and including the year you turn 49. This statement details how much grant you could receive in that year and how much to contribute to get that grant.

When catching up on grants, the maximum amount of grants you can receive in a year is $10,500, including carry-forward amounts from prior years.

The matching rate will be the same as in the year the Grant entitlement was earned. Matching rates will be paid on RDSP contributions using entitlements at the highest rate first. Any unused amount will be carried forward to future years. Once you have contributed all of your unused amounts from prior years, the maximum amount of grant in a year is $3,500.

Catching up on bonds

You will receive unused bonds from previous eligible years when you open your plan.

You don’t need to make any contributions to receive unused bonds.

The maximum amount of bond you can receive in a year is $11,000 ($1,000 for the last 10 years, plus $1,000 for the current year).

Transfers and rollovers from other plans are not matched by the government

The government will not pay a matching grant on the money transferred from another retirement or education savings plan.

For more information on transferring retirement or education savings to an RDSP, go to Money transferred from retirement and education plans.

Alternative – Watch videos on this topic

Grants and bonds to make your savings grow (video)

The federal government can help increase the savings of eligible Canadians by contributing to their RDSP through:

Transcript

Dan: The Registered Disability Savings Plan, the RDSP, is a way for Canadians with disabilities…

Jessie: … and their families…

Dan: … to save for the future.

One of the great things about it is that the Government of Canada can help increase your savings by contributing money to your plan.

Jessie: When you open an RDSP, ask your financial institution about the Canada Disability Savings Grant and the Canada Disability Savings Bond.

Dan: The Grant is money that the Government contributes to your RDSP, up to a lifetime limit of $70,000, to match the money you put into the plan,

The Bond is money that the Government contributes to the RDSPs of people with low incomes.

A beneficiary who qualifies for the Bond can receive up to $20,000 in their lifetime. You don’t even have to put money of your own into the plan to qualify for the Bond!

Jessie: The amount of the Grant or Bond depends on the beneficiary’s family income.

Dan: Family income means the beneficiary’s personal income beginning the year they turn 19, plus the income from their spouse.

If you have just opened an RDSP and missed out on grants and bonds that you could have had in the past, don’t worry!

Jessie: The Government can still add these grants…

Dan: … and bonds to your plan.

Depending on your family income, you could get over $10,000 in grants and up to $11,000 in bonds added to your plan in one year.

The Grant and the Bond can really help your savings grow.

It’s important to know that the Government will only pay the Grant and the Bond into the plan until December 31…

Jessie: … of the year the beneficiary turns 49.

So the sooner you open a plan, the more you can benefit!

Dan: Also, the Government can help your RDSP grow even more by allowing money from some retirement and education savings plans to be moved into your Registered Disability Savings Plan. Ask your financial institution for more information.

Jessie: To learn more about the Registered Disability Savings Plan, watch the full series of RDSP online videos.

Dan: For detailed information, such as a list of participating financial institutions or eligibility criteria, visit www.esdc.gc.ca/disabilitysavings.

Jessie: Or call 1 800 O-Canada, that’s 1-800-622-6232.

Dan: If you use a teletypewriter, call 1-800-926-9105.

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