How to open an RDSP

An RDSP is a long-term savings plan for people eligible for the Disability Tax Credit. Contributions grow tax-deferred, and the federal government may add grants and bonds based on family income.

Steps

1. Get DTC approval — see our Disability Tax Credit guide.
2. Choose a participating financial institution — banks and credit unions that offer RDSPs.
3. Open the plan — the holder (parent/guardian for a minor, or the adult beneficiary when competent) completes the issuer’s forms.
4. File taxes — income information is used to calculate grant and bond amounts.

Grants and bonds

The Canada Disability Savings Grant can match contributions (up to annual and lifetime limits). The Canada Disability Savings Bond can add money even without contributions for lower-income families. Limits and rates change — confirm on Canada.ca.

Official: How to open an RDSP

Not financial advice. Speak with the plan issuer or a financial planner familiar with RDSPs.

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