FAQ

If I have a child that may not qualify for the Disability Tax Credit when they become an adult, is it even worth setting up a RDSP?

Definitely YES!  Think of it this way, if you could borrow money without any interest so that you can earn investment income, wouldn’t you?  Any grants and bonds that have been in the account for 10 years are yours to keep as well!  Start a RDSP today to start collecting the money!

I do not have any money to put into the RDSP, should I still open one up?

Yes. Once the RDSP is open, there may be bonds that will go into the account without any deposits made by you. When the time comes that you can make a deposit into the account, then the grants will start matching. Even $25 a year will collect applicable grants.

I am now 50 and can no longer get any grants or bonds, is it still worthwhile to open a RDSP?

That depends.  If you have not maxed out your TFSA, this is usually a better registered plan to max out first and then put any extra into your RDSP. Unless you are receiving a provincial supplement like AISH or ODSP, where it is always better to fund the RDSP as it is an exempt asset.

Registered Disability Savings Plan | Planning for Your Future

FAQ

If I have a child that may not qualify for the Disability Tax Credit when they become an adult, is it even worth setting up a RDSP?

Definitely YES!  Think of it this way, if you could borrow money without any interest so that you can earn investment income, wouldn’t you?  Any grants and bonds that have been in the account for 10 years are yours to keep as well!  Start a RDSP today to start collecting the money!

I do not have any money to put into the RDSP, should I still open one up?

Yes. Once the RDSP is open, there may be bonds that will go into the account without any deposits made by you. When the time comes that you can make a deposit into the account, then the grants will start matching. Even $25 a year will collect applicable grants.

I am now 50 and can no longer get any grants or bonds, is it still worthwhile to open a RDSP?

That depends.  If you have not maxed out your TFSA, this is usually a better registered plan to max out first and then put any extra into your RDSP. Unless you are receiving a provincial supplement like AISH or ODSP, where it is always better to fund the RDSP as it is an exempt asset.