Planning for the future

Zorica learned all about the RDSP at a recent presentation by Rick from PLAN.

Zorica learned all about the RDSP at a recent presentation by Rick from PLAN.

by Zorica Medved

I recently attended a Registered Disability Savings Plan (RDSP) workshop at the Burnaby CLBC office. I already have an RDSP but I was a bit confused on how it all works. Rick from Planned Lifetime Advocacy Network (PLAN) presented on the RDSP. The RDSP is a Canada-wide registered matched savings plan for people living with disabilities who are eligible for the Federal Disability Tax Credit. Here’s what I learned:

  • For every $1 (up to $500) put into my RDSP account, the federal government can (if your income is below $87,123) match with up to $3 each year. And for every $1 (up to $1000) put into my RDSP account, the government will match with up to $2 each year. This means if you or others put in a total of $1,500 a year, this is matched to a total of $6,000 a year. This is the Canada Disability Savings Grant.
  • For people living on a low-income (less than $25,356), the federal government will put in $1000 each year for 20 years. You do not have to put in any money to get this $1,000. This is the Canada Disability Savings Bond.
  • For people living on an income between $25,356 and $43,561, you can still receive a partial bond.

Anyone can contribute to your RDSP including family and friends. I started mine two years ago and when I have a job I contribute money into my RDSP. When my parents understand more, they will contribute like for my birthday or monthly. That could be the same for other family and friends too.

Your RDSP money can be invested and grow interest. You should talk to a financial planner or accountant to learn more about investments. Once I decide how investment decisions are made, it can really start to grow.

The RDSP does not affect your Persons with Disability (PWD) benefits. It does not get clawed back and it does not reduce disability benefits payments. I can choose what to do with the money when it comes out. There are no restrictions on how it can be spent. You can contribute up to age 49 and then there’s a ten year wait period. If you have an illness in that time, you can also take out this money to help.

I live with my parents and they are getting older. In the future, I might need a different place to live, extra money to get extra support, or want to travel or visit friends. My RDSP can help me do this. I recommend everybody get one!


To find a range of information about Registered Disability Savings Plans visit: www.RDSP.com.

To find out about the next RDSP workshop in your community, call PLAN at: 604-439-9566

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