Registered Disability Savings Plan

People with disabilities have extra things to consider when it comes to finances.

An RDSP helps people with disabilities and their families plan for their future financial security.

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What is an RDSP?

A Registered Disability Savings Plan (RDSP) is an investment account that you contribute to, and the government will deposit grant money into as well. Depending on your family income, the government will contribute up to $90,000 to and RDSP account for a person with disabilities.

A PenFinancial Advisor can help you make sense of everything, including exact government contribution amounts and lifetime maximum grants.

Where can I invest my RDSP?

An RDSP can be invested in a variety of products like savings accounts, GICs, Mutual Funds*, ETFs*, and Index-Linked GICs*. The choice is very personalized; a PenFinancial Advisor can help you.

Is there a limit to how much I can invest?

You can contribute up to $200,000 to an RDSP.

How do I qualify?

There are a few requirements in order to be eligible to open an RDSP. The beneficiary needs to:

Your Guide to Understanding the RDSP

Your Guide to Understanding the RDSP

Get your hands on this useful brochure packed with valuable information about the Registered Disability Savings Plan, in accordance with the latest legislation effective from April 2023. And don’t hesitate to reach out to a knowledgeable PenFinancial Advisor today to get answers to any questions you may have about an RDSP.

Download the RDSP brochure →

How much money will I receive?

As of 2020, the government contributions into an RDSP break down like this:

If your household income is below $31,711: Even with no contributions, the government will contribute $1,000 each year for 20 years through the Canada Disability Savings Bond. People living on an income between $31,711 and $48,535 can still receive a portion of the $1,000.

In addition, you can receive the same benefits from the $97,069 and under threshold below.

If your household income is less than $97,069: For the first $500 you contribute into an RDSP, the beneficiary will receive $3 for every $1 contributed. For the next $1,000, the beneficiary will receive $2 for every $1 contributed.

Therefore, the maximum grant for one year is $3,500, should you contribute at least $1,500.

The lifetime maximum grant you can receive is $70,000.

If your income is more than $97,069: For the first $1,000 you contribute into the RDSP, the beneficiary will receive $1 for every $1 you have contributed.

Therefore, the maximum grant for one year is $1,000, should you contribute at least $1,000.

The lifetime maximum grant you can receive is $70,000.

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Deposit insurance coverage

At PenFinancial Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).

Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

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Note *Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor, a division of Credential Qtrade Securities Inc. VirtualWealth is a trade name of Credential Qtrade Securities Inc.
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