An RDSP is a ‘registered disability savings plan’. The Canadian Revenue Agency
Lots of different parties can pay into this account, including the beneficiary, parents, family or any other authorized contributor. One of those authorized contributors is the Canadian Disability Savings Grant, which makes payments to eligible RDSPs.
There are various tax benefits to this account – although contributions are not tax deductible, any earnings on the money in the account are tax exempt while they’re in the plan. These tax benefits will help anyone with the account save greater amounts of money over the years, therefore enabling them to secure their financial wellbeing far into the future.
However, a recent survey
BMO was the first bank to offer the RDSP account and is the current market leader. Since the account’s inception two years ago, the bank has pledged to educate and raise awareness so that more and more eligible Canadians learn about the product and take advantage of it if they wish to.
This survey also goes some way to suggesting the lack of awareness in other areas of life with disability in Canada. For example, we’ve covered extensively on this blog the poor levels of implementation of some disability legislation and the low levels of voluntary universal design, for example, ramps in public spaces and wheelchair accessible kitchens