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What is an RDSP?

A Registered Disability Savings Plan (RDSP) is a government registered savings plan that helps Canadians with disabilities and their families save for long-term financial needs1, such as future medical and living costs, by growing their savings on a tax-deferred basis, similar to an RSP.

You can contribute as much or as little as you want in any given year, and you can continue to make contributions up until the end of the year in which the beneficiary turns 59.

Anyone can contribute to the RDSP provided they have written permission to do so, and there are no restrictions on what the money can be used for once it is withdrawn, as long as it’s used to help the beneficiary.

While RDSP contributions are not tax-deductible, income earned grows on a tax-deferred basis. When withdrawn, the funds are taxed as income. You may be eligible for government assistance in the form of grants and bonds.




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1 Conditions apply.

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