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 Registered disability savings plan (RDSP)

A registered disability savings plan (RDSP) is a long-term savings plan to help Canadians with disabilities and their families save for the future and financial security of a person who is eligible for the disability tax credit (DTC).   The Disability Tax Credit (DTC) reduces your taxes in recognition of your disability. You claim the credit when you file your taxes.

Try the RDSP Calculator for Canadians

*This calculator is for illustrative purposes only and should not be relied upon as an accurate indication of your financial retirement needs. As each individual’s situation is different and changes over time, the results are limited by the accuracy of the assumptions you make in providing the information used in the calculation. I (we) do not guarantee that these calculators are reliable, accurate or complete or that they will be compatible with your computer.

People with disabilities may be able to open a Registered Disability Savings Plan (RDSP) and access grants and bonds that can help them save for future financial needs. Also, depending on your eligibility, you may want to consider critical illness insurance and disability insurance to provide a source of money if you have a health crisis down the road.

Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59. Contributions that are withdrawn are not included as income to the beneficiary when paid out of an RDSP. However, the Canada disability savings grant (grant), the Canada disability savings bond (bond), investment income earned in the plan, and the proceeds from rollovers are included in the beneficiary's income for tax purposes when paid out of the RDSP.