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Who is Eligible to Be Involved in an RDSP?

The Registered Disability Savings Plan (RDSP) is intended to benefit Canadians affected by a severe disability.

The following individuals are involved in establishing an RDSP:

The simplest example is a Canadian resident with a qualifying disability who is of the age of majority and has the legal capacity to manage his or her finances; they can be the holder of the plan, its beneficiary and contributor.

However, anyone can contribute to an RDSP with the written consent of the plan holder. All monetary benefits of the plan are intended for the beneficiary only.

 

You Can Open an RDSP and Be the Plan Holder if You Are:

  • A person with a disability who is of the age of majority and has the capacity to manage his or her finances; or
  • The legal parent of a child with a disability who has NOT reached the age of majority; or
  • A guardian or other representative who is legally authorized to act on behalf of a person with a disability.

The plan holder does not have to be a resident of Canada.

Plan holders who are not the beneficiary or the parent of a minor must be legally authorized to act on behalf of the beneficiary.

When a plan is opened by a beneficiary's legal parent the legal parent may continue to be the plan holder after the beneficiary reaches the age of majority.

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An RDSP Beneficiary Must:

  • Be eligible for the Disability Tax Credit (DTC (opens external website in new window) as defined in the Income Tax Act (Canada); and
  • Be a resident of Canada when the plan is opened and when each contribution is made to the plan; and
  • Be under age 60 when the plan is opened, since contributions cannot be accepted after the end of the year the beneficiary turns 59; and
  • Have a Social Insurance Number (SIN);

Only one beneficiary per plan is allowed and the beneficiary can only have one plan.

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Who Can Contribute to an RDSP?

In addition to the plan holder, relatives and friends can also contribute to an RDSP with the written consent of the plan holder. Contributors will not be entitled to a refund of their contributions.

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Open an RDSP

An RBC advisor can show you how the Registered Disability Savings Plan may help provide long-term financial support for you or your loved one.

Call 1-800-463-3863

Book an appointment with an RBC advisor (opens new window)

 
 

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