Registered Disability Savings Plan (RDSP) FAQ Thread
It's been a while so I thought I would clean up this thread a bit. I have added a thread summary with all the additional information that was posted in the OP.
WHAT IS AN RDSP?
The Registered Disability Savings Plan (RDSP) is a Canada-wide registered matched savings plan specific for people with disabilities. Here are some basics:
UPDATE: You can now open an RDSP completely online at TD Direct Investing!!
WHAT IS AN RDSP?
The Registered Disability Savings Plan (RDSP) is a Canada-wide registered matched savings plan specific for people with disabilities. Here are some basics:
- For every $1 put in an RDSP account, the federal government can (if your family income is below $106,717) match with up to $3! This is the Canada Disability Savings Grant.
- For people living on a low-income (less than $34,863), the federal government will put in $1000 each year for 20 years! This is the Canada Disability Savings Bond.
- For people living on an income between $34,863 – $53,359 they can still receive a partial bond.
- Anyone can contribute to an RDSP- family, friends, neighbours… it gives people who want to help a way to do so!
- The money can be invested to grow- we have heard that it is the best Return on Investment available. Depending on someone’s income, any money saved immediately triples in value. Once investment decisions are made, it can really start to grow!
- The RDSP is exempt from most provincial disability and income assistance benefits. It does not get clawed back and it does not reduce disability benefits payments. Click here to find out how your province treats the RDSP.
- People with disabilities can choose what to do with the money when it comes out-there are no restrictions on how the money can be spent!
UPDATE: You can now open an RDSP completely online at TD Direct Investing!!
Last edited by islander59 on Jan 13th, 2023 3:00 pm, edited 26 times in total.