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 as long as you do not exceed the lifetime maximum of $200,000. 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 from 2 years before. For example, the amounts of grant and bond you are eligible for in 2022 are based on the family income reported on your 2020 tax return.

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 carry-forward amounts of grant and bond from past years.

While there is no annual limit to how much you can contribute to the RDSP, contributions over the amount required to get the maximum amount of grant available will not be eligible to receive matching grant. For example, if you are entitled to $3,500 of matching grant in 2022, a contribution of $1,500 will attract that $3,500 worth of grant. However, if you contribute more than that, any amounts that exceed $1,500 will not receive a matching grant. This is called an unassisted contribution, and these amounts cannot be withdrawn without triggering the repayment of grant and/or bond.

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 grant and bond amounts are calculated using the combined income of their parents or guardians. This information comes from income tax returns filed with the Canada Revenue Agency. To continue receiving the correct amount of grants and bonds in the year they turn 19 and for every year after that the beneficiary must start filing personal income tax returns, every year beginning in the year they turn 17. They also have to sign the grant and bond application form with the financial institution to provide their consent for the government to retrieve their income information.

Family income for beneficiary's aged 19 and over

Starting the year the beneficiary turns 19, and every year after that, their grant and bond amounts are calculated using their own income plus their spouse's income (if applicable).

To receive the correct amount of grants and bonds, the beneficiary must have filed a personal income tax return for at least the 2 previous years, and they must continue to do so for all future years. They also have to sign the grant and bond application form with the financial institution to provide their consent for the government to retrieve their income information.

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 and the rate used to calculate it depends on your family income. The family income thresholds that determine your matching grant rate are indexed annually by the CRA, so they change slightly every year. For the 2022 calendar year, if your family income (For example, the family income that was reported on your 2020 income tax return) is:

less than or equal to $100,392
  • 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 are eligible to receive for the year, 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 annual 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. To get the maximum amount of grant you are eligible to receive for the year, you need to contribute $1,000 in the year.

Example 1: contribution under $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 (1 X $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 annual 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.The family income thresholds that determine the amount of bond that you can receive are indexed annually by the CRA, so they change slightly every year. For the 2022 calendar year, if your family income (that is the family income that was reported on your 2020 income tax return) is:

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.

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.

You can carry-forward grant and bond amounts from past years

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

The amounts of grant and bond you were eligible for from the past 10 years, but didn’t receive, are still available in the current year. This is what we call a carry-forward.

You can automatically catch up on grants and bonds from the 10 past DTC-approved years when you open an RDSP and apply for the grant and bond. You can also continue to catch up on these amounts in the years after your plan is opened.

Only contributions made before December 31 of the year you turn 49 are eligible to receive a matching grant, including when you are catching up on grants from the past 10 years.

Catching up on grants

To receive carry-forward amounts of grant, you need to make contributions to your plan.

The amount of carry-forward grant you can get depends on family income and how much you contribute for those years.

When catching up on grants, the maximum amount of grants you can receive in a single year is $10,500, including carry-forward amounts from past years. This means that it may take a few years to catch up on all the matching grant you are eligible for depending on how many of the past 10 years you were approved for the DTC.

Once you are caught up on carry-forward amounts from the past 10 DTC-approved years, the maximum amount of grant available in a year is up to $3,500.

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. The Statement will take into account any carry-forward amounts that you are eligible for.

Carry-forward grant amount calculation example

Michelle has been approved for the DTC every year since 2018, and has had an annual family income of $25,000 since 2016. They opened an RDSP in March, 2022 and made a $500 contribution to their plan. The government will deposit $1,500 of grant in their RDSP, which is the 3:1 matching amount that they were eligible for in 2018, first (3 X $500 = $1,500).

Michelle makes another $500 contribution to their RDSP in June, 2022. The government then deposits another $1,500 of grant in their RDSP, which is the 3:1 matching amount they were eligible for in 2019 (3 X $500 = $1,500).

Michelle makes one last contribution for the year, putting $2,000 into their RDSP in October 2022. The government then deposits $5,500 of matching grant in their RDSP. The first $500 of that contribution is matched at the 3:1 rate that they were eligible for in 2020 (3 X $500 = $1,500), the next $500 of that contribution is matched at the 3:1 rate that they were eligible for in 2021 (3 X $500 = $1,500), the next $500 of the contribution is matched at the 3:1 rate that they were eligible for in 2022 (3 X $500 = $1,500), and the last $500 of the contribution is matched at the 2:1 rate that they were eligible for in 2018 (2 X $500= $1,000).

For a total contribution of $3,000 in 2022, Michelle receives $8,500 of matching grant in their RDSP from the government.

Catching up on bonds

You will automatically receive carry-forward amounts of bond from past eligible years when you open your plan and apply for the bond.

You don’t need to make any contributions to receive carry-forward bonds.

When catching up on bonds, the maximum amount of bond you can receive in a year is $11,000 (up to $1,000 for each year that you were eligible in the last 10 years, plus up to $1,000 for the current year).

If your annual income changed from year to year, you may not be eligible to receive the maximum amount of bond for each of the prior years. The income threshold used to calculate bond amounts is adjusted slightly each year.

Carry-forward bond amount calculation example

Lisa has been approved for the DTC since 2017. In 2022, they opened an RDSP. Lisa has had an annual family income of $19,000 since 2015.

As Lisa’s income was within the threshold to receive the maximum amount of bond for each of the years that they were approved for the DTC, the government automatically deposits $6,000 into Lisa's RDSP after they open their plan and apply for the bond ($1,000 for each year from 2017 to 2022).

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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