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Registered Disability Savings Plan

What is Registered Disability Savings Plan (RDSP)?

A registered disability savings plan (RDSP) is a savings plan to help parents and others save for thelong-term financial security of a person who is eligible for the disability tax credit (disability amount).

Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59. Contributions that are withdrawn are not included in income for the beneficiary when they are paid out of an RDSP. However, the Canada disability savings grant, the Canada disability savings bond, and investment income earned in the plan are included in the beneficiary’s income for tax purposes when they are paid out of the RDSP.

For full details please visit: Canada Revenue Agency Website

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rdsp-reei/menu-eng.html

 

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