ARTICLE · 21 JULY 2014

The Registered Disability Savings Plan And The Accident Victim

Collins Barrow National Incorporated

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The Registered Disability Savings Plan is a government initiative intended to assist eligible Canadians with disabilities in saving for their long-term financial security.

CanadaTax

Judy Moore

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What is an RDSP?

The Registered Disability Savings Plan (RDSP) is a government initiative intended to assist eligible Canadians with disabilities and their families in saving for their long-term financial security. It is effective for 2008 and later taxation years. Individuals who are disabled or have become disabled as a result of an accident may be in a position to take advantage of the RDSP.

Key features

The government will contribute to the RDSP in the form of the Canada Disability Savings Grant (CDSG) and the Canada Disability Savings Bond (CDSB) for a total annual benefit of up to $4,500.
Investment income and capital gains remain tax deferred while in the RDSP, but are taxable to the beneficiary when paid.

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