Managing your money when living with a disability

From: Financial Consumer Agency of Canada

Banking when living with a disability

A disability can often increase your expenses and lower your income.

Low-cost or no-cost banking

You may be eligible for a bank account with no or low monthly fees. Low-cost accounts have a maximum of $4 per month in banking fees. No-cost accounts are available to people who are registered disability savings plan beneficiaries.

Find out where you can get a no-cost or low-cost bank account.

Use the Account Comparison Tool to find the account with the features and services you need.

Using banking services to manage your money

When you’re living with a disability, you may find it easier to manage your money if you:

Ask your financial institution about other ways to help you manage your money. Check if there is a fee for these services.

Make a budget and manage your debt

You may have a limited income when living with a disability.

Create a budget to make sure you have enough money to:

pay for household expenses
pay your bills
make loan payments
save for future needs

Learn how to make a budget to help you manage household expenses.

Use the Budget Planner to help you create and manage your budget.

Manage your debts

It may be difficult to make payments on your debts when living with a disability.

Try and make at least the minimum payments on your debts. If you don't make the minimum payments, it could hurt your credit history.

Find out how to manage your debt.

Save using a registered disability savings plan

A registered disability savings plan (RDSP) is a savings account for people with severe and prolonged disabilities. It's registered with the federal government.

Here are some things you should know about RDSPs:

you may be eligible for grants and bonds to help you save in an RDSP
you can hold investments in an RDSP
the money earned from investments in an RDSP isn't taxed until you withdraw it

Learn more about registered disability savings plans.

Canada Disability Savings Grant

When you or another person contribute to a registered disability savings plan (RDSP), you can apply for the Canada Disability Savings Grant. The grant adds money to your RDSP. The amount depends on how much you contribute and your family income.

The grant money must stay in your RDSP for 10 years before you can withdraw it. If you withdraw it early, you must pay some of it back.

Learn about the Canada Disability Savings Grant.

Canada Disability Savings Bond

You may be eligible for a Canada Disability Savings Bond if you have a low income. The bond adds money to your registered disability savings plan (RDSP). You don’t have to contribute to your RDSP to get the bond. The bond may add up to $1,000 per year to your RDSP, up to a maximum of $20,000 in payments during your lifetime. You can get the bond until the year you turn 49 years old.

Find out if you're eligible to get a Canada Disability Savings Bond.

Payments from your registered disability savings plan

The payments you get from a registered disability savings plan (RDSP) don’t affect your eligibility for Government of Canada benefits.

These benefits include:

Old Age Security
Guaranteed Income Supplement
Canada child tax benefit

Provinces and territories may include part of your RDSP payments when determining if you're eligible for provincial or territorial benefits.

Contact your province or territory to learn if they include RDSP payments when calculating benefits.

Power of attorney

You may consider giving someone else control of your finances if you feel you need help or aren't able to manage them on your own. You give someone else control by signing a power of attorney document.

If you're caring for a person with a disability and have power of attorney, make sure you understand your responsibilities.

Find out what you need to do if someone appoints you as their attorney.

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