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ARTICLE · 22 DECEMBER 2017

Tax Tips 2017: For The Family

Crowe Soberman LLP
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Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59 years of age.

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Crowe Soberman'S Tax Group
Crowe Soberman'S Tax Group
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If you have disabled or infirm dependents

1. The Registered Disability Savings Plan (RDSP) is a savings plan that is intended to help parents and others save for the long-term financial security of a person who is eligible for the Disability Tax Credit.

  • Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59 years of age.
  • To help you save, the Government pays a matching grant of up to $3,500. You are allowed to carry forward unused grant entitlements for up to ten years.
  • Contributions that are withdrawn are not included in the income of the beneficiary, although the Canada dis- ability savings grant, Canada disability savings bond, and investment income earned in the plan will be included in the beneficiary's income for tax pur- poses when paid out of the RDSP.

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