Unlocking the RDSP: A Game-Changer for Canadians with Disabilities
Let’s get real for a second: navigating life with a disability comes with challenges most people can’t even imagine. That’s why when the Registered Disability Savings Plan (RDSP) launched in 2008, I jumped on it. Back then, only BMO offered RDSPs. Options were limited, and awareness was low, but I wasn’t about to let that stop me. Taking that leap turned out to be one of the best decisions of my life.
Fast forward to today, and RDSPs are available at most major banks, making it easier than ever to get started. But despite this progress, fewer than 32% of eligible Canadians are using this tool. That’s a missed opportunity—because the RDSP is about more than saving. It’s about financial empowerment.
What Is an RDSP—and Why Should You Care?
The RDSP is a savings account designed to help Canadians with disabilities build financial security. The government doesn’t just encourage you to save—they actively contribute to your future.
Two Key Incentives
Canada Disability Savings Grant (CDSG): For every dollar you contribute, the government matches it—sometimes up to $3 for every $1. Over your lifetime, you can receive up to $70,000 in matching grants.
Canada Disability Savings Bond (CDSB): If your income is below a certain threshold, you can receive up to $1,000 annually from the government without contributing anything yourself. That’s an extra $20,000 over a lifetime.
Add tax-deferred growth, and you’re looking at an incredible opportunity to build long-term financial security.
How to Open an RDSP
Ready to get started? These major Canadian banks make it easy:
Book an appointment at a branch or call 1-800-386-3757 to speak with a banking specialist.
Call 1-877-929-4499 or visit a local branch to meet with a financial advisor.
CIBC:
Call 1-800-465-3863 or use their online form to request a callback from a representative.
Schedule an appointment with an investment professional or call 1-800-665-7700.
Visit a branch to meet with an advisor or call their customer service for details.
Each bank offers tools and resources to help you get set up quickly and confidently.
Why Aren’t More People Using RDSPs?
A big barrier is lack of awareness. While RRSPs and TFSAs get all the attention, the RDSP doesn’t receive the same publicity. Many people also mistakenly assume they don’t qualify for the Disability Tax Credit (DTC), which is required to open an RDSP.
Here’s the truth: many conditions qualify, including Type 1 diabetes, mobility challenges, and some mental health conditions. If you’re unsure, talk to your doctor or a medical professional. It’s worth the effort—because the benefits are life-changing.
How My RDSP Changed the Game for Me
When I opened my RDSP back in 2008, I felt like I was stepping into my power. For the first time, I wasn’t just thinking about today—I was building a future. Watching my savings grow year after year, thanks to government contributions and tax-deferred growth, has been empowering in ways I can’t describe.
It’s not just about money. It’s about knowing that no matter what comes my way, I have a financial foundation to rely on.
Important Rules You Should Know
Like any good program, the RDSP has a few rules:
Mandatory Withdrawals: You must start withdrawals by December 31 of the year you turn 60.
Early Withdrawals: If you withdraw before age 60, you may need to repay grants and bonds received in the past 10 years.
Taxation: Only the grants, bonds, and investment growth are taxable upon withdrawal—your original contributions are tax-free.
Family Income: Grants and bonds are calculated based on family net income. Lower-income families receive more generous contributions.
Take Action Now
The RDSP is more than just a savings account—it’s a way to claim your financial power. If you qualify for the DTC—or think you might—it’s time to take the first step. Every year you wait is another missed opportunity to secure your future.
The government is literally offering to help you save. Don’t leave that money on the table.
