Opening an RDSP (Registered Disability Savings Plan) is not an easy process, however, more importantly is where you open your RDSP. Simply going to a Bank or such and saying, “I’d like to open an RDSP”, may open a Pandora’s Box of interesting issues.
- You should open an account that gives you the most flexibility in terms of what you can invest in. Do not get forced into an account that only allows you to buy Bank Mutual Funds or High MER Fees Mutual Funds (or worse just a bank account).
- Are there any associated fees with the account? There should be none.
These outline the work I have done with TD to set up my son’s RDSP:
- If you don’t have time, read this quick 5 Steps to Setting up an RDSP. You can get more details later.
- New Financial Programs Are Never Easy outlines some of the early on pains we had with TD as they tried to get the RDSP system stood up in their bank
- RDSP Completion of Initial Work which sums up what had to happen to set up my son’s RDSP with TD
- Registered Disability Savings Plan an introduction to the program.
- New Financial Programs are Never Easy I outline the steps we took to actually set up the account with TD
- No You Are Not Married to Him outlines the issues we ran into with my wife’s identity that got tripped by applying for the program
- RDSP the Journey Continues continues the saga of attempting to put money into the RDSP.
- RDSP The Journey Continued is me ranting about how long it took to actually transfer money to the account (while watching the Monaco Grand Prix).
- RDSP: The Other New Government Savings Plan which is a guest post written as an overview of the program as well.
- RDSP and TD Aggravations is where I stood at the start of this year
- Pensions and Disabled Children outlines what can be done to get more money into your child’s RDSP, from your RRSP, but remember to read all the rules on this one.
- Budget 2012: The RDSP Changes outlines some of the changes that were added to the program in 2012, remember always stay up to date on this stuff.
- RDSP Update: Nice Payback outlines just how much money $1000 added to this program pays out in terms of grants.
- Borrow to Max Out My Contributions is an interesting question about whether it is better to borrow money now to get the Maximum pay out on the RDSP.
- RDSP Update and a TD Explanation was when someone from TD actually called me after yet another post complaining about the program.
- RDSP TD and a Little Progress is what provoked the call from TD.
- RDSP Update with TD is the latest update dealing with TD and trying to get them to make the system easier to use as a savings plan (i.e. make it easier to put money into the account).
- RDSP: Question for Canadian Big Banks asks why do most of the major banks only offer a Mutual Fund solution for RDSPs. Yes, I am tilting at Wind Mills again.
- TD is trying to fix things (slowly) so I was heartened to see them take a Step in the Right Direction for RDSPs, let’s hope they keep making changes to make things less complicated (to make payments to the accounts).
- David Hodges from Money Sense interviewed me and wrote an excellent article as well with RDSP: A Path to Prosperity.
- I get a lot of requests about this topic, and in preparation for another one I wrote up some notes which turned into RDSP: Questions and Answers .
- I didn’t write this, but it is a fantastic resource from Milburn Drysdale at Autism Funding in BC, about how to get the T2201 done.
- Doug Hoyes and I did a podcast about Do I Lose My RDSP If I Go Bankrupt? The answer should be no, but as usual the bankruptcy laws are not clear. I clarified my answers in my own post, RDSP Clarifications and Podcasts .
- Does the ODSP & RDSP Clash ? Yes, and no, you can have an RDSP and it should not affect your ODSP income, but if you cash things in, you will have to be careful.
- I also continue to be interviewed about RDSP, and I usually publish my preparation notes as well.
Specific RDSP Program Articles
These articles are about the RDSP program.
- Specified Disability Savings Plan – SDSP – How Does it Work ? outlines one of the ways funds can be withdrawn from an RDSP. If the recipient may die within 5 years, this program can be enacted.
- RDSP : A Really Long-Term Savings Plan points out the penalties if funds are withdrawn early from an RDSP. Early being before the recipient turns 60 years of age.
- The RDSP Statement of Grant Entitlement is a yearly statement you should read carefully as it will help plan your contributions for that year.
- Did you realize there are changes to the RDSP in the 2019 Budget ? Your RDSP is protected in a Bankruptcy settlement.
- Now the RDSP rules when the RDSP holder loses their DTC have changed.
- I continue to write about my Statement of Grant Entitlement every year : 2020 , 2019 , 2018
Index of RDSP Pages
Here are the RDSP Page List in case you got here and are wondering where to find out more information.
- The Registered Disability (RDSP) page, where you most likely came from. Check here for all things to do with RDSP and applying for it.
- How to Laying the Groundwork for an RDSP outlines the most difficult part of the process which is applying for a Disability Tax Credit (DTC).
- How to Open an RDSP account sounds simple, but it is fraught with landmines and hidden silliness. Open the most flexible investing account possible. Also many other helpful articles on the RDSP program.
- Disability Tax Related Topics covers a wide scope of tax related ideas and concepts once your loved one has a Disability Tax Credit.
- Autism Specific Articles is a page dedicated specifically to the things I have learned about Autism, money and life.