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Registered Disability Savings Plan

This is a plan that will allow funds to be invested tax-free until withdrawal. It is intended to help parents and others to save for the long-term financial security of a child with a disability and is similar in structure to the Registered Education Savings Plan. Contributions to an RDSP will be eligible for the Canada Disability Savings Grant. For more information, you can visit the following websites:http://www.cra-arc.gc.ca/rdsp/  http://rdsp.wordpress.com/

Commencing in 2011, the Canada Disability Saving Grant and Bonds under a RDSP may be carried back for the preceding ten years – but not before 2008 when the RDSP began.

If you are a Canadian resident under age 60 and are eligible for the Disability Tax Credit (Disability Amount), you are eligible for an RDSP. Earnings accumulate tax-free, until you take money out of your RDSP. The Government provides matching grants of up to 300%, depending on the beneficiary’s family income and the amount contributed. The maximum is $3,500 each year.

New provisions permit a parent or a grandparent to rollover RRSP and RRIF receipts at death to the RDSP of a financially dependent child or grandchild. This rollover is effective for deaths occurring after March 3, 2010.