According to the COVID-19 Economic Response website, they have stated:

We are providing a one-time, tax-free, non-reportable payment of $600 to help Canadians with disabilities who are recipients of any of the following programs or benefits:

• A Disability Tax Credit certificate provided by the Canada Revenue Agency; (Must be approved by September 25, 2020)
• Canada Pension Plan disability benefit or Quebec Pension Plan disability benefit; and
• Disability supports provided by Veterans Affairs Canada.

Seniors who are eligible for the one-time payment for persons with disabilities would receive a total of $600 in special payments. The one-time payment to persons with disabilities would be adjusted to provide a top-up for eligible seniors, including:

• $300 for Canadians who are eligible for the Old Age Security pension and who received the one-time seniors payment of $300; or
• $100 for Canadians who are eligible for the Old Age Security pension and the Guaranteed Income Supplement or Allowances and who received the one-time seniors payment of $500.

Payments are expected to be issued beginning this fall.

The short answer; Yes, however, you will lose 3x what you withdraw up to what the government has put in during the last 9 years.

The RDSP is a long term savings plan for Canadians that qualify for the Disability Tax Credit (DTC).  To collect money from this plan without losing any of the government money will take at least 30 years (retroactive grants and bonds can shorten this timeframe) so that all of the money is theirs.  OR at 60, as this is when the account starts paying out.

Please contact us if you are unsure of how the 10 year rule works.

Call us immediately if you are 46-49.  It takes up to 4 years to collect all the grants available to you and the grants stop when you are 49, so hurry, call, get it open now!

We are ready and available, almost anytime, up to the end of the year so that you can get your RDSP open and not miss out on the grants you are entitled to!

Friday December 30th at noon is the deadline!  Don’t delay, we really don’t like telling people they lost $10,500 in grants because we did not hear from them soon enough.

I have had many calls from people regarding unanswered queries by the different financial institutions that they have opened their RDSP with because the “banks” are not sure of what the RDSP actually is.

http://www.cbc.ca/news/business/bank-profits-rise-1.3348661 references the amount of money that the big 5 banks earn in a year.  This is after taxes.  $35 BILLION!  Most of this is earn on fees that everyone pays on their investments, whether it be GICs or Stock or anything in between.  So why is it with their $35 BILLION, they cannot train people to answer some of the most basic questions that people with an RDSP open with their financial institution?  We at RDSPlan.ca are able to answer most of their inquiries just by asking a few questions.

Give us a call, we can help get it all done without the hassle of dealing with the big banks!  All we need is an hour and you will be very pleased that we assisted you.