Registered Disablity Savings Plan | RDSP

Registered Disability Savings Plan | RDSP

The Registered Disability Savings Plan (RDSP) is a powerful long-term savings or investment plan that helps individuals with disabilities save for the future, offering significant government support through grants and bonds to build financial security.

 

We are excited to share the launch of Empire Life's Registered Disability Savings Plan (RDSP) 
 
As the first insurance company to offer RDSPs, this addition will provide families with even more choice and flexibility in building long-term financial security. 
To learn more, we encourage reading Empire Life's RDSP Client Brochure:
 

RDSP Client Brochure - Empowering your financial future

 
 

Key Benefits:

  • Lifetime Contribution Limit of up to $200,000 in total contributions, with no annual limits

  • Government Contributions:

                  - Canada Disability Savings Grant (CDSG): up to $3,500/year based on family income

                  - Canada Disability Savings Bond (CDSB): up to $1,000/year for low- and modest-income families

  • Contributions grow tax-free

  • RDSP savings and withdrawals do not affect other income-tested benefits

  • Unused grants and bonds can be carried forward for up to 10 years

 

To qualify, you must be under the age of 60, be a recipient of the Disability Tax Credit (DTC), and be a Canadian resident with a valid Social Insurance Number (SIN). 

RDSP withdrawals must begin by the end of the year you turn age 60. Funds may be withdrawn earlier, but it is important to note that once a withdrawal of any amount is made, $3.00 with of federal grants and bonds paid into the RDSP in the previous 10 years have to be repaid for every $1.00 withdrawn. 
Withdrawals will consist of non-taxable contributions, taxable Government monies, and taxable growth. 

 

Contact our office to speak with a MWFS financial advisor about opening a Registered Disability Savings Plan today.