The RDSP is a Canada-wide registered matched savings plan, available to people with disabilities. In order to qualify for the RDSP and individual must first be approved for the Disability Tax Credit. The RDSP is designed to help individuals suffering with disabilities better plan for their financial future. The RDSP, if utilized, can have significant benefits on the long-term savings of an individual.
The government will match RDSP contributions and all RDSP capital can be invested tax-fee. Over time this should result in a significantly greater portfolio value. See below a few a key RDSP facts:
- The government will match contributions
- Low-income (less than $30,000) will receive an annual $1,000 investment from the government into their RDSP
- Money invested can grow tax-free
- Individuals can choose what to do with the money when they withdraw the funds from the RDSP
Disability Tax Credit approval is required to unlock the above benefits! Give us a call today to find out if you may be eligible for the RDSP and the DTC.