Qualifying for the RDSP Canada
RDSP Expert for people with disabilities in Calgary, Alberta
There are certain requirements that must be fulfilled before a person can invest in an RDSP, for both the beneficiary and the holder.
- Must be eligible for the Disability Tax Credit (DTC) with a CRA approved Disability Tax Credit Certificate (Form T2201);
- Must possess a Social Insurance Number (SIN);
- Must be a resident of Canada;
- Must be born in 1963 or later; born in 1973 or later to receive grants and bonds
- For beneficiaries under the age of majority, holder must be a parent or legal guardian authorized to act on their behalf;
- For the beneficiaries over the age of majority, holder must be authorized to act on their behalf or be a parent or legal guardian.
- The beneficiary may open an account as the holder if they are personally legally able to enter into a contract.
- NOTE: A RDSP can have several holders throughout its existence and may have more than one plan holder at any given time.
Disabilities that Qualify for the Disability Tax Credit
The following is a list of some of the medical conditions that may entitle you to the disability tax credit (DTC) and other benefits. This list does not include every medical condition that may qualify for assistance.
- Asperger Syndrome
- Bladder Disorder
- Borderline Personality Disorder (BDP)
- Bowel Disorder
- Brain Tumour
- Cerebral Palsy (CP)
- Charcot-Marie-Tooth Disease
- Chronic Pain
- Chronic Obstructive Pulmonary (COPD)
- Coronary Artery Disease
- Cri du chat Syndrome
- Crohn’s Disease
- Cystic Fibrosis (CF)
- Degenerative Disc Disease (DDD)
- Developmental Delay
- Diabetes (Insulin Dependent)
- Down Syndrome
- Ehlers-Danlos Syndrome
- Fetal Alcohol Syndrome (FAS)
- Fragile X Syndrome
- Global Developmental Delay
- Hearing Impairment
- Herniated Disc
- Hip Injury or Pain
- Huntington’s Disease
- Irritable Bowel Syndrome (IBS)
- Juvenile Arthritis
- Learning Disability
- Lou Gehrig’s (ALS)
- Mental Illness
- Motor Vehicle Accident
- Multiple Sclerosis (MS)
- Obsessive Compulsive (OCD)
- Osteoarthritis (OA)
- Panic Disorder
- Parkinson’s Disease (PD)
- Personality Disorder
- Physical Impairment
- Post Traumatic Stress (PTSD)
- Psoriatic Arthritis
- Rheumatoid Arthritis (RA)
- Plus many more
Possible Obstacles in the Approval Process
For beneficiaries over the age of majority, the holder is generally the beneficiary. In certain circumstances, a guardian, legal representative or public department may be eligible to become the holder
Note: Until the end of 2023, if an adult beneficiary cannot open an RDSP due to concerns about his/her ability to enter into a contract and he/she does not have a legal representative, certain family members can become the plan holder and open an RDSP on his or her behalf. A qualifying family member could be a beneficiary's spouse, common-law partner or parent. If this applies to your family, contact a participating financial organization. For more
The name on the holder(s) and the beneficiary SIN card must match. If not, this will delay the grants and bonds from going into your account.
There is a lot of information published about RDSPs, not all of it relates to your specific situation. Some information sources report old or wrong information. Make sure that the information that you are referencing is from your province and relates to your specific situation.
Are you ready to apply?
If you would like to get your RDSP set up, we will need some information to prepare the paperwork and then about an hour of your time to go through it. After that, it is time for the government grants and bonds, whatever you qualify for, to start rolling in!
There are a couple of ways to do this: