The Registered Disability Savings Plan (RDSP) was introduced by the government in 2008 to help individuals with a disability secure brighter financial futures. The government contributes generous matching disability grants and bonds up to $90,000 to eligible beneficiaries to save for the future. The money in the plan grows tax free, may be accessed for any purpose, and does not reduce provincial government assistance. To be eligible for an RDSP, the individual must be:
– a Canadian resident;
– have a valid S.I.N.;
– under the age of 60; and
– eligible for the disability tax credit.
“The Government of Canada has contributed over $244M in disability savings bonds and $604M in disability savings grants to registered savings plan for persons with disabilities.”