Home > Tutorial > A bit of history

A bit of history

The Registered Disability Savings Plan (RDSP) is a savings plan designed specifically for people with disabilities in Canada. The first of its kind in the world, this new tax-deferred savings vehicle will assist around 500,000 Canadians in planning for long-term financial security.

The federal government implemented the RDSP on December 1, 2008. This was the result of many years of advocacy by Planned Lifetime Advocacy Network (PLAN), families, and supporters. PLAN worked with the provinces to accommodate the RDSP by raising asset limits and eliminating claw backs.

The Honorable Jim Flaherty, Minister of Finance, championed the RDSP concept within government. Employees in Finance Canada, Human Resources and Skills Development Canada, and Justice Canada, worked long hours at breakneck speed to make the idea a reality.

View some video clips from the RDSP launch in Toronto on December 3, 2008.

Honorable Minister of Finance, Jim Flaherty announces the RDSP

Honorable Minister of Human Resources and Skills Development, Diane Finley speaks about the importance of the RDSP

Jack Styan of Planned Lifetime Advocacy Network thanks the Government of Canada for making the RDSP a reality

Comments

my son is age 12 – he has qualified for disability for the last 4 years. I don’t have an RDSP plan open yet…can I put in contributions for the last 4 years as well as this year? will I get the grant &/or bond?

susan cotter
February 19, 2012
6:34 pm
Reply |

My daughter, a newly minted Chartered Accountant just informed me of the RDSP. I am a 52 year old who has been receiving disability and the disability tax credit since 2001. Do I qualify at all for an RDSP or am I too old. Can I make contributions for the years prior to when I may have become too old?

Thanks

Michelle Thornell
April 9, 2012
8:06 pm
Reply |

Can you use an RDSP for a mortgage like an RRSP

Adam
April 19, 2012
3:10 am
Reply |

Absolutely. You are entitled to open up an account now and contribute for any previous years, dating back to 2008 when the plan first opened.

mcrocker
May 1, 2012
11:12 pm
Reply |

To the 52 year old inquiring about opening up an RDSP. Unfortunately the cutoff mark for being able to make contributions and receive grants/bonds is the end of your 49th year. You can however still open up an RDSP and use it as a savings vehicle, which many people still choose to do.

mcrocker
May 1, 2012
11:14 pm
Reply |

To Adam: You can use your RDSP for anything you want.

mcrocker
May 1, 2012
11:15 pm
Reply |

Add a comment

Login