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RDSP

Step 9 - Registered Disability Savings Plan

Have you decided how to invest your money?

You answered "no".

You answered "not sure".

Here is information on how to decide how to invest your money.

Once you have money in your RDSP, you need to decide how to invest it so that it will grow. You will need to speak with a financial advisor or staff at your financial institution. Come prepared with the answers to these questions:

  1. How old are you now?
  2. How old will you be when you want to use your money?
  3. How will this money help you? (List 3 ways.)
  4. What are you saving for? (House? Car? Money to top up your disability benefits?)
  5. How much money do you get each year? (In grants, bonds, and other income)
  6. Who else will be contributing to your RDSP?
  7. Have you ever invested money before?
  8. How involved do you want to be in your investments?
  9. Does it matter to you what your money is invested in? (For instance, would you prefer to invest in green energy rather than fossil fuels?)

Aside

Tip for families and friends

If you are investing on behalf of a loved one, be prepared with the answers to these questions:

  1. How old is your loved one?
  2. What will they use the money for?
  3. What is your family income?
  4. How much are you planning to contribute to the RDSP each year?
  5. Is anyone else planning to contribute as well, such as family or friends?
  6. What difference will an RDSP make to your loved one’s life?

Learn more about choosing investments in the Plan Institute’s How do I Invest my RDSP?

Continue to step 10

Steps

Feeling overwhelmed?

Someone can help you with your application. Find an organization to help you here.

Apply After you apply

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.

What province are you from?

Knowing your province helps us make this tool the best experience for you.

Important information about benefits for Indigenous Peoples

If you are Indigenous there are many things that affect the benefits you can get and the dollar amounts you can get from them. These include the agreements your band or governing body has with provincial, territorial, and federal governments. Before applying to any benefits, you should speak with your governing body, if applicable.

AFOA Canada and Prosper Canada are currently seeking funding to develop an online tool that serves the needs of Indigenous people living in Canada.