InfoCapsule 4: Holder
Disclaimer: RDSP issuers
The information contained on this page is technical in nature and is intended for Registered Disability Savings Plan (RDSP), Canada Disability Savings Grant (CDSG) and Canada Disability Savings Bond (CDSB) issuers. For general information, visit the RDSP section.
Consult this page frequently for newer versions. The following laws and regulations take precedence over information contained in InfoCapsules in the event of discrepancies:
- Income Tax Act
- Canada Disability Savings Act
- Canada Disability Savings Regulations
The holder is the entity that opens the Registered Disability Savings Plan (RDSP), names a beneficiary and makes decisions concerning the plan. There must be at least one holder at all times.
Who can be the holder when opening a plan for a beneficiary who is:
- a minor (under the age of majority):
- The legal parent(s)
- A legal representative
Note: A legal representative (including a guardian, a curator, an agency, an institution or a public department) is an individual or institution legally authorized to act on behalf of the beneficiary through the provincial or territorial laws in which the beneficiary resides.
- An adult who is contractually competent:
- The beneficiary
- An adult who is not contractually competent:
- A legal representative
- An adult who’s contractual competency is in doubt:
- A Qualifying Family Member (QFM)
Note: A QFM (meaning a legal parent, spouse or common-law partner of an adult beneficiary) may become the holder of an RDSP that is opened for the first time for an adult beneficiary whose capacity to enter into a contract is in doubt, and for whom no legal representative was appointed. Once a QFM is named as a holder, they can remain as the holder even if this measure expires or if the plan is transferred to another issuer.
This temporary measure is effective until December 31, 2023.
Who can be the holder once the beneficiary reaches the age of majority, for a plan that was initially opened when the beneficiary was a minor:
- the beneficiary may become the holder (if contractually competent)
- the legal parent(s) may remain as sole holder(s) or become joint holder(s) with the beneficiary (if the legal parent was the plan holder before the beneficiary reached the age of majority)
- a legal representative (if the beneficiary is not contractually competent)
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