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ARTICLE · 12 APRIL 2019

Guest Post: The Benefits Of A Registered Disability Savings Plan

Gluckstein Lawyers
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Registered Disability Savings Plan (RDSP) have two extremely beneficial but different uses. The first use is that you can potentially receive up to $90,000 of government money for opening

CanadaLitigation, Mediation & Arbitration
Gluckstein Lawyers
Gluckstein Lawyers
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Registered Disability Savings Plan (RDSP) have two extremely beneficial but different uses. The first use is that you can potentially receive up to $90,000 of government money for opening and contributing into an RDSP. The second is that an RDSP can protect individuals in Ontario who are on ODSP as the funds in an RDSP are exempt from the asset limits of ODSP. In addition, any withdrawals from an RDSP are also exempt from the ODSP income rules.

To qualify for an RDSP you must meet ALL of the following criteria:

  • Be eligible for the disability tax credit (DTC)
  • Under the age of 60 (one and only one RDSP can be opened for an individual and contributions can be made until the end of the year in which he or she becomes 59 years of age)

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