How do I qualify?

The Social Insurance Number (SIN) is a number that you need if you want to work or receive other benefits.

You need one to open an RDSP.

In order to be able to open an RDSP you must first qualify for the Disability Tax Credit (DTC), and the Canada Child Tax Benefit if you have a child under the age of 19. For more information on DTC eligibility, click here for the tutorial page.

To find out if you are eligible go to the Canada Revenue Agency website.

To apply for the DTC, your healthcare provider will need to fill out the Disability Tax Credit Certificate (form T2201). Here is a great tool designed to give them the information they need to fill out that form: Click here for the DTC Tool from DABC.

In order for the government to know how much RDSP Grant and Bond you will receive, you need to file your income taxes every year. If you have never filed income taxes or have missed a few years, you will need to file taxes for the past two years.

For more information on filing your income taxes, click here. Or visit the Canada Revenue Agency website.

A Holder is the person who manages the plan, makes decisions around investments and payment options.

You are probably the Holder if you are an adult and you have ‘contractual competence’. You can still have someone to assist you in opening your RDSP and making financial decisions.

The financial institution needs to know that you are able to manage your own financial affairs. If they don’t think you can, they may question your ability to be the Holder and request that you have a legal representative to open and manage the RDSP on your behalf.

For more information, For more information on choosing a holder, click here.

To be eligible, the individual must apply for an RDSP before the end of the calendar year in which they turn 59.