The RDSP is the Registered Disability Savings Plan, a Canadian Government program to help disabled individuals save for their future. Depending on the disability and income level of the disabled person (or their guardians/parents) the Government will also add allowances and bursaries to the account yearly, up to a lifetime maximum.
The RDSP is a key tool for parents of children with disabilities save for their loved one’s future. Once the child’s disability has been recognized by the CRA, an RDSP can be set up to start saving for the child’s future. The government’s additions will depend on the income level of the parents, the lower the income the more allowances and bursaries are added to the savings account.
There are many RDSP questions and answers out there, here are a good many of those I have figured out so far, there are many more to learn about. The Registered Disability Savings Plan is quite intricate in its rules, but it is still a good plan to save for the future.
Having an RDSP with TD has been an interesting journey. It is the best account so far I have seen, but it continues to have issues in some areas.
I threw out an RDSP banking challenge, and, as usual, it was ignored by all the major banks. Guess I am not yelling loud enough?
RDSP investing options? Ask your bank, do you have an RDSP vehicle and what can I invest with it? Mutual Funds, Index Funds, or anything? Don’t get locked into something where your investment options are limited to only Bank Mutual Funds.
As most of you know, I have my son’s RDSP with TD, and it has been a learning experience for myself and I suspect for TD as well (we were very early adopters of the… Read More »RDSP Update with TD
