RDSP

Step 7 - Registered Disability Savings Plan

Have you opened your RDSP?

Here is information on what you will need to take when you open your RDSP.

When you go to your financial institution you will need to take:

Your social insurance number
One piece of valid picture identification.

It is a good idea to also bring with you:

Your Disability Tax Credit approval (notice of determination)
Your copy of your income tax returns if you have them.

FAQs

What to fill out at your financial institution

If you want to receive government grants and bonds, fill out an Application for Canada Disability Savings Grant and/or Canada Disability Savings Bond form.
If you do not want government grants and bonds, fill out the Declaration of Refusal section of the form.

Why would I refuse government grants and bonds?

The main reason that some people refuse grants and bonds is that they want more flexibility with taking money out of the RDSP (withdrawals). One-time withdrawals, if allowed by your financial institution, can occur any time, but there may be penalties. You may have to pay back grants and bonds that have not been in the account for longer than 10 years.

For most people, it is wisest to keep collecting grants and bonds for as long as possible. That way, the money earns interest. Even if you think you may want to take money out before 10 years, you can keep the interest earned on the grants and bonds. Depending on what you withdraw, you may not have to repay all the grants and bonds received in the last 10 years. You could end up with more than you would have if you stopped accepting the grants and bonds.

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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.