Disability Planning

Registered Disability Saving Plan

The Registered Disability Savings Plan (RDSP) is a type of investment account intended to provide long-term financial security for a person with a disability. The federal government will contribute up to $70,000 in grants, with as much as $3 for every $1 of personal contributions, and up to $20,000 in bonds, which requires no personal contribution at all and is solely based on income. 

Like the Disability Tax Credit, individuals who open an RDSP can retroactively collect on grants and bonds they may have missed out on for up to 10 previous years. All earnings within an RDSP also accumulate tax free until withdrawn. Generally speaking, assets within and withdrawals from an RDSP will not negatively impact other federal and provincial government programs and services, and there is no restriction on how the money is used.


Qualifying for the RDSP and associated government grants and bonds requires:

  • approval of the Disability Tax Credit
  • less than 49 years of age
  • Canadian resident
  • Valid Social Insurance Number
  • Completion of two previous years of income tax filings

What can you expect if we open an RDSP account for you? 

1. Manage all administrative work 

Issues with RDSP accounts often arise because financial institutions and advisors you expect to guide you through the process often know very little about this type of account, possibly even less than you know! Paperwork gets filled out incorrectly or worse, are missing entirely; government grants and bonds are not being received; your questions do not get answered. If this has been your experience, see for yourself how True Life Insurance and Estate Solutions is different. 

2. Calculate how much to contribute

Determining how much to contribute to your RDSP account depends on several different factors including annual income, when the person with the disability became eligible to open an account, and your personal financial situation. Not only will you be provided with a contribution schedule that outlines how to maximize the grants received, we will also ensure that you understand how.

3. Review All Government Contributions 

After you have contributed to your RDSP, it takes one to two months before government contributions will be received. Should there be a discrepancy in what was expected and what was received, we will follow up to determine why and make corrections if necessary. 

4. Conduct Annual Reviews

We will contact you on an annual basis to review your account, make changes if needed and discuss your annual contribution.

Already have an RDSP account open? 

If you already have RDSP account open with another institution or financial advisor but are not completely satisfied with the service and advice you are receiving, consider transferring your RDSP. It is not as complicated as you might think! All the required paperwork is prepared by us for your signature. Once signed, we can process the transfer on your behalf - you do not need to contact your bank or financial advisor to coordinate the transfer.


Lisa is a mutual fund sales representative through Excel Private Wealth