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Information for Health Care Professionals: RDSP
- General information on the RDSP grant and bond
Registered Disability Savings Plan (RDSP)
The Registered Disability Savings Plan, the Canada Disability Savings Grant and the Canada Disability Savings Bond help people with disabilities and their families save for the future.
An RDSP is a savings plan that is intended to help parents and others save for the long-term financial security of a person with a severe and prolonged disability. To be eligible for an RDSP, an individual must be under the age of 60, a Canadian resident with a social insurance number and eligible for the Disability Tax Credit (DTC). Parents or tutors may open an RDSP for a minor.
Once an individual has opened an RDSP the Government of Canada pays matching grants and bonds directly into the RDSP of the beneficiary.
- Who is eligible for the RDSP?
- What is the Canada Disability Savings Grant?
- What is the Canada Disability Savings Bond?
- What is the Disability Tax Credit (DTC)?
- How is "disability" defined for the DTC?
- Where can an individual open an RDSP?
- Who is authorized to fill out the Disability Tax Credit Certificate?
- Additional information on RDSP, grant and bond
Who is eligible for the RDSP?
To be eligible for the Registered Disability Savings Plan, a person must be:
- eligible for the Disability Tax Credit (DTC);
- a Canadian resident with a social insurance number; and
- under 60 years of age.
For more information on the Registered Disability Savings Plan, visit the Canada Revenue Agency Web site or call 1-800-959-8281. Teletypewriter, please contact 1-800-665-0354.
What is the Canada Disability Savings Grant?
The Canada Disability Savings Grant is a matching grant that the Government of Canada deposits directly into a Registered Disability Savings Plan (RDSP). The Government of Canada provides matching grants of up to 300%, depending on the amount contributed and the beneficiary’s family income. The maximum grant is $3,500 annually, with a lifetime limit of $70,000. Grants are paid into the RDSP until the year the beneficiary turns 49 years old.
What is the Canada Disability Savings Bond?
The Canada Disability Savings Bond is money that the Government of Canada deposits directly into the Registered Disability Savings Plans (RDSPs) of low-income and modest-income Canadians. Depending on the beneficiary’s family income, the Government of Canada will contribute up to $1,000 annually. The lifetime bond limit is $20,000. No contributions are needed to receive the bond. Bonds are paid into the RDSP until the year in which the beneficiary turns 49 years old.
What is the Disability Tax Credit (DTC)?
The Disability Tax Credit (DTC) is a non-refundable credit that reduces the amount of income tax that an individual with a severe and prolonged impairment in physical or mental functions may have to pay. To qualify for the Disability Tax Credit, a qualified practitioner must certify on Form T2201, Disability Tax Credit Certificate, that the person with the impairment meets the criteria established under the Income Tax Act (ITA). The Canada Revenue Agency (CRA) must approve the form.
For more information on the DTC and related programs, visit the Canada Revenue Agency Web site or contact 1-800-959-8281. Teletypewriter users, please contact 1-800-665-0354.
How is "disability" defined for the DTC?
Eligibility for the RDSP is based on the definition of disability used for the Disability Tax Credit (DTC). For the DTC, a person with severe and prolonged impairment in physical or mental functions is considered to have a disability.
Where can an individual open an RDSP?
An individual can open an RDSP by completing a registration form at a participating financial organization. Several financial organizations offer the RDSP, grant and bond. For a list of participating financial organizations visit www.disabilitysavings.gc.ca.
NOTE: Health care practitioners have no involvement in the RDSP registration process or in the grant and bond application process. They are required to complete only the Disability Tax Credit Certificate that qualifies an individual for the Disability Tax Credit.
Who is authorized to fill out the medical certificate for the Disability Tax Credit?
Qualified health care practitioners must certify the effects of the impairment by completing a Disability Tax Credit Certificate.
Additional information on RDSP, grant and bond
For further information on the Registered Disability Savings Plan visit Canada Revenue Agency Web site.
For further information on the Canada Disability Savings Grant and the Canada Disability Savings Bond visit www.disabilitysavings.gc.ca.
Information about Canada Revenue Agency services specifically for people with disabilities
For further information on federal programs and services related to people with disabilities, contact Service Canada.