RDSP

Step 10 - Registered Disability Savings Plan

Do you have a will, or have you updated your existing will?

Here is information about making or updating your will.

Any person who is the beneficiary of an RDSP should have a will. Your will should state what you want to happen to the money that is left in the RDSP after you die.

Without a will, the government decides where the money should go according to provincial law. This can also happen if the beneficiary of the RDSP did not have the legal capacity to draft a will.

Making a will can be easy or complicated. We recommend talking to a lawyer who understands your situation.

When you die, someone has to contact your financial institution and do the paperwork to deal with your RDSP. Make sure that one or more trusted people know where to go to do the work with your financial institution. If someone else is the holder on your RDSP and has been managing it for you, they will be the person to work with the financial institution.

To learn more, visit Government of Canada - Cessation of disability or death of a beneficiary.

You can also call Plan Institute toll-free Disability Planning Helpline at 1-844-311-7526 or email info@rdsp.com. Plan Institute offers a workshop on Wills, Trusts and Estate Planning, and how this all ties into RDSPs.

Continue to step 11

Steps

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Resources

There are three ways to file income taxes

You can file your taxes electronically (online) using NETFILE (an electronic tax-filing service that sends your tax return directly to the Canada Revenue Agency.

Questions to ask when deciding which financial institution to choose to open your RDSP.

Is the financial institution convenient for me to reach?

How do I get a Social Insurance Number?

Find your birth certificate, Certificate of Canadian citizenship or permanent residence card. These are called primary documents.

If you are unable to open an RDSP

If you have trouble opening an RDSP, even if you meet all the eligibility criteria, it is usually because your financial institution is missing some information.