What do you need to qualify for an RDSP?

RDSP | Registered Disability Saving Plan

In my research for this blog, I have found that most families are very aware of Registered Education Savings Plans but for those with children with special needs, Registered Disability Saving Plans can sometimes be a mystery. I know many families who have gone to their banks and either been told to call another number (it is a specialty) or that the advisor was not familiar or aware of the RDSP and more importantly, what you need to qualify. 

In short, to open an RDSP, you must:


A few things we learned:

  • File income tax back to age 15 for maximum grants -will vary based on individual contributions
  • A portion of your RESPs can be rolled over into RDSPs
  • It is well worth it to have an advisor that is specialized. Ours is Ron Malis at Reegan Financial.
  • How much will the government contribute to my (or my child’s) RDSP this year? If you contribute less, you risk missing out on government contributions. Read more from Ron
  • How much do I need to contribute to maximize the available government contributions? The RDSP Calculator answers a myriad of other questions you might have, including:
    • When can I withdraw money from my RDSP without government penalties?
    • What would the penalties be if I make a withdrawal?
    • How much will the government provide if I contribute smaller amounts each year?

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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.

Other RDSP questions answered by Ron https://reeganfinancial.com/blog/

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