A Registered Disability Savings Plan (RDSP) is a long-term savings plan for people with disabilities and helps their families save for long-term financial needs such as living costs and future medical needs. If you have a disability, you may be eligible to open an RDSP.
The RDSP is intended to encourage saving for the long- term financial security of a person eligible for the disability tax credit. An RDSP may be set up by the disabled person, a parent or a legal representative.
Once it has been set up, anyone can contribute to the plan for the benefit of the beneficiary up to a lifetime maximum of $200,000 per beneficiary. There is no annual limit. Contributions may be made until the end of the year the beneficiary attains 59 years of age.
Contributions to RDSPs may be supplemented by a Canada Disability Savings Grant and a Canada Disability Savings Bond.