Registered Disability Savings Plans (RDSPs)
Income Tax Act s. 146.4, Canada Disability Savings Act and Regulations
Registered disability savings plans (RDSPs) were introduced in the 2007 Federal
Budget. It is expected that RDSPs will be
available starting December 1, 2008.
The 2008 deadline for making contributions to an RDSP,
and applying for the 2008 RDSP Grant and Bond, has been extended from
December 31, 2008 to March 2, 2009. The 2009 RDSP contribution year
will begin March 3, 2009. See Important
Dates on the Canada Revenue (CRA) website.
The information presented here is based on the
following sources:
The regulations for the Canada Disability Savings Act are
now available, so these articles have been revised accordingly.
The Expert Panel which recommended RDSPs also recommend
that, for the RDSP program to be effective, RDSP assets and income should
not disqualify a plan beneficiary from receiving provincial or territorial
income support provided to persons with disabilities. BC has already
made legislation changes to this effect. Alberta, Manitoba and Ontario have
expressed plans to do the same. If this affects you, check with your
provincial government to determine how they are treating the RDSP assets and
income in relation to income support programs.
See the following articles regarding RDSPs:
See also - links to all information on Taxtips.ca related
to persons
with disabilities.
Revised: January 03, 2010
