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How do you start and manage your RDSP?

You’ve decided that you’d like to open an RDSP and you want to get started. This can be done step by step by continuing to hit “NEXT” on the bottom of this page or you can download our Step-by-Step Guide to Becoming Eligible, Opening and Managing Your RDSP.

First, just a reminder of what you need to be eligible to open an RDSP.

  1. You are a resident of Canada
  2. You have your Social Insurance Number (SIN)
  3. You are younger than 60 years
  4. You have or think you are eligible for the Disability Tax Credit

Comments

My wife has been diagnosed with Parkinson’s(2009) and is getting progressively worse; she is 74 years old and is in receipt of DTC. Why the under 60 years of age limitation and is there a an exception to the age qualification?

Michael Gentles
February 4, 2011
6:37 pm
Reply |

    As far as we know, there are no exceptions to the age qualification. You may want to call the Government to ask the question ‘why?’

    admin
    March 11, 2011
    12:19 am
    Reply |

Who in the government should we contact? I will be raising the issue of overt ageism during the election campaign, but who should I speak to in the government?

Max Leggett
April 8, 2011
3:50 pm
Reply |

    In election time, asking your local candidates would be interesting- and it would place the RDSP on their radar. In terms of your wife’s situation, the matching grants and bonds are available for people with RDSP’s under the age of 50. This is related to the 10 year rule- when people start to withdraw at age 60, the 10 years have passed and people can withdraw both the government and individual contributions. Even if an RDSP could be opened after the age of 60, the grants and bonds would be unlikely to be a part of that. So I am wondering, what would the RDSP provide for your wife that another financial tool (investment account, trust or TFSA) doesn’t provide? My question isn’t a challenging one, but a curious one… perhaps there are benefits to the RDSP that I am unaware of:)

    kfmader
    April 13, 2011
    6:38 pm
    Reply |

I have a grandchild (11 yrs old) with a diagnosed disability. Can I open a RDSP for him? If so, how?

Theresa
June 25, 2011
4:12 pm
Reply |

I had an Motor Vehicle Accident when I was 48 and now am 52. The MVA legal case is currently coming to a close and a lump sum payment is being made, which I would like to apportion to an RDSP. Is there any way to utilize the lump sum to retroactively contribute funds from when I was 48 to 52 (including the grant portion for ages of 48,49 and 50).I was 48 in 2007.

Thanks

Kerry
July 28, 2011
3:26 pm
Reply |

    Kerry,
    Good question. If I understand your situation correctly, the short answer is no. It’s unclear to me from your comment whether you already have an RDSP set up and have grants and bonds for 48 and 49? The Canada Disability Savings Program will only pay Grant on contributions made on or before December 31 of the year in which the beneficiary turns 49, and will only pay bond on requests made on or before December 31 of the year in which the beneficiary turns 49.

    You may find this blog to be helpful in providing a more detailed explanation of this issue: http://www.jackstyan.com/my-blog/2011/02/clarifying-the-new-rdsp-carry-forward-rules.html.

    jmoss
    July 28, 2011
    5:18 pm
    Reply |

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