What is a Registered Disability Savings Plan?A Registered Disability Savings Plan (RDSP) helps Canadians with disabilities and their families save for long-term financial needs, such as future medical and living costs. Like an RESP, investment income is tax-deferred and you may be eligible for government assistance.
What is the contribution limit?There is no annual limit on amounts that can be contributed to an RDSP of a particular beneficiary in a given year. However, the overall lifetime limit for a particular beneficiary is $200,000 (all contributions and rollover transfers that have previously been made to any RDSP will reduce this amount). Contributions are permitted until the end of the year in which the beneficiary turns 59.
Who is eligible?
Registered Disability Savings Plans (RDSPs) help Canadians with disabilities and their families save toward long-term financial security. For more information on eligibility, please visit the Canada Revenue Agency website.
An RDSP beneficiary must —Be eligible to receive the Disability Tax Credit (DTC), Be a Canadian resident under the age of 60 at the time contributions are made, Have a valid Social Insurance Number (SIN)
To be a contributor to an RDSP — A contributor can be the plan holder, as well as friends and family who have the written permission of the plan holder
Contact us today to discuss your RDSP options at 519-744-3020 or email email@example.com