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How do I qualify?
Download the Step-by-Step Guide to Becoming Eligible, Opening and Managing Your RDSP
To be eligible for the Registered Disability Savings Plan, you must:
- Get your social insurance number
- Become eligible for the Disability Tax Credit, and Canada Child Tax Benefit if you have a child under the age of 19
- File your income tax returns
- Choose the Holder (the person who makes the financial decisions)
- You are younger than 60 years old
The Step by Step Guide explains each of these steps (plus a bit more) in detail.
The Disability Tax Credit
To be eligible for the Registered Disability Savings Plan, you must receive the Disability Tax Credit. If you already have it, great! Next stop, the bank!
If you do not have it or are not sure if you can get it, you will need to apply. You (or a parent or caregiver) and a health practitioner will need to fill out Form T-2201. After both sections of the form have been filled out, you must submit the completed form to the Canadian Revenue Agency for Assessment. Following this assessment, the Canadian Revenue Agency will determine whether you are eligible to receive the Disability Tax Credit or not.
Form T2201 tells more about what is required to become eligible.
If you are nervous about applying, not sure if you will get it or have been turned down in the past, we recommend the RDSP Resource Centre to help. The RDSP Resource Centre is a PLAN’s preferred Disability Tax Specialist. They assist people across the country in English, French, Cantonese and Mandarin.
The RDSP Resource Centre will help with your DTC application, including talking to your doctor or health practitioner and making sure the form is filled out. They will follow your application through the entire process, including a tax review and making your retroactive tax claims, which may be worth a substantial amount to you or your family immediately. The RDSP Resource Centre will also file objections and appeals if your DTC application is denied and pay any medical expenses incurred in applying for the DTC. Finally, they will make an initial contribution to your RDSP.
After you have qualified, they will help you open your RDSP account and with your annual income tax returns.