RDSP - Registered Disability Savings Plan and the DTC

What is the RDSP?

The RDSP is a government regulated savings plan intended to encourage individuals under 49 with a disability or families with a child who has a disability, to save for their future. The government will pay matching grants of 300%, 200%, or 100%, depending on the beneficiary’s adjusted family net income and the amount contributed and up to $70,000 over a lifetime. RDSP funds can be used in future to supplement income, cover medical or living costs or anything else.

At CSR Wealth, Frank is an RDSP expert and has helped many clients apply and set one up for either themselves or their child. He helps clients with:

  • Applying for the disability tax credit (required to apply for the RDSP)
  • Applying for the RDSP and securing the child disability tax grant (CDSG)
  • Advice on the best way to invest the funds within a RDSP to match the beneficiaries timelines and needs.
  • Making withdrawals from the RDSP in a strategic and sustainable way when the beneficiary is ready to do so (usually after age 49).

The RDSP can make an incredible difference financially to someone with a disability. Don’t let the process of applying intimidate you. We’re here to help you.

Need help understanding the DTC? The disability tax credit (DTC) is a non-refundable tax credit that helps people with impairments, or their supporting family member, reduce the amount of income tax they may have to pay. If you have a severe and prolonged impairment, you may apply for the credit. If you are approved, you may claim the credit at tax time. By reducing the amount of income tax you may have to pay, the DTC aims to offset some of the extra costs related to the impairment.

This also makes you eligible for the RDSP if you meet the other criteria.

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RDSP - Our Big Focus

We love to help everyone. Those who need the most assistance are often least able to obtain the necessary information. We encourage sharing this information amongst all of our clients and visitors to this site. Click the share button now and advise those with disabilities valuable information that will make a massive difference in their lives. Imagine the feeling you will get if you are the person who initiated that!!

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We work with Specialists

But it doesn’t come with a massive price tag. The grants for people saving in an RDSP are incredibly generous. Our Canadian government back in 2008 created the Registered Disability Savings Plan. They improved on it steadily but it is still an underutilized program. The main criteria is the you need to be eligible for the DTC - Disability Tax Credit. Once qualified, you can start getting grants for your deposits.

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RDSP Grants

3x for every deposit up to $500/yr. 2x for the next $1,000 Contribution room starts when you became eligible for the DTC. You can catch up on grants going back 10 yrs. If you have been saving elsewhere, moving money into the plan can triple it, immediately. You can have an account that grows larger and faster for retirement. If you are saving for a child, this will provide savings in their later years when you may not be around.

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$1,000 More.

Every year for 20 years if you are below the income threshold. The program will provide $90,000 in your lifetime if you can maximize grants and bonds. You can receive these up to the end of your 49th year. Funds that have received grants must remain untouched for 10 yrs and then a income can start. We can show projections show hundreds of thousands of dollars in growth depending on how long we have.

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Start an RDSP Plan

or, at the very least a conversation. Click here to get more information or book a meeting with me. Click here to share this with a friend or make a friend by sharing with someone you think may benefit from this info.

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ODSP Exempt

We reside in Ontario but the RDSP is an exempt asset for provincial social assistance programs. Your savings and income from the RDSP is completely exempt. Share this with someone on ODSP as it is likely that they may qualify and don’t know it.

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