InfoCapsule 1: Overview of a Registered Disability Savings Plan (RDSP)

From: Employment and Social Development Canada

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

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Preface

RDSPs were introduced in 2008 and are long-term savings plans intended to help Canadians with severe and prolonged disabilities and their families save for the future. To help savings grow, the Government of Canada will deposit the Canada Disability Savings Grant (CDSG) and the Canada Disability Savings Bond (CDSB) into the RDSP of eligible beneficiaries.

Note: There can only be one RDSP per beneficiary.

Note: All funds in the plan are intended to be used solely for the beneficiary.

Opening an RDSP

To open an RDSP, the beneficiary must:

The opening of an RDSP can be done up until December 31 of the calendar year in which the beneficiary turns 59 years old.

Contributions

To make contributions to the RDSP, the beneficiary must:

Contributions can be made to the RDSP until December 31 of the calendar year in which the beneficiary turns 59 years old.

The lifetime contribution limit is $200,000.

Canada Disability Savings Grant (CDSG)

To receive the CDSG, the beneficiary must:

The CDSG may be paid to the RDSP until December 31 of the calendar year in which the beneficiary turns 49 years old.

The CDSG is based on the family income and on the contribution amounts made to the plan in a calendar year.

The lifetime CDSG limit is $70,000.

Canada Education Savings Bond (CDSB)

To receive the CDSB, the beneficiary must:

The CDSB may be paid until December 31 of the calendar year in which the beneficiary turns 49 years old.

The CDSB is based on the family income.

A contribution is not required to receive the CDSB.

The lifetime CDSB limit is $20,000.

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