An RDSP is a registered savings plan established by the federal government to assist families in saving for the long-term financial security of individuals with severe disabilities.
Government matching and extra funding for low-income beneficiaries’ form part of the plan. Contributions to the plan are not tax deductible, but the earnings grow tax free while held in the plan.
The total lifetime contribution for each beneficiary is $200,000, with no annual contribution limits.
Contributions can be matched, based on family net income, with up to $3,500 a year in Canada Disability Savings Grants (CDSG). In addition, they can receive up to $1,000 in Canada Disability Savings Bonds (CDSB) without any contributions being made.
At WTC, our licensed financial advisor can help you complete the applications to open this account.
