Here we talk about all the things that you need to do before you can apply for an RDSP (Registered Disability Savings Plan). The RDSP is actually at the end of a fairly long process, and these are the preparations you must do first. The Disability Tax Credit is the major aspect of these preparations, as you will see.
Laying the Ground Work
Social Insurance Number
- My New Born needs a SIN ? Yes your child does need a Social Insurance Number if you want to open an RESP or an RDSP.
- Are We Running Out of Social Insurance Number (s) ? I don’t think just yet, but they may have to revamp it in about 50 years or so.
Disability Tax Credit (DTC)
The Disability Tax Credit (DTC) will be the biggest hurdle to jump for your loved one, especially if they are on the Autism Spectrum. If the CRA grants this, your child or loved one will then receive tax credits as a Disabled Person. You also must have this before you can apply for an RDSP.
- CRA Child Disability Tax Credit a how-to outline of what my wife and I did to get the CRA child disability tax credit (with the help of CHEO). It seems hard, but you can do this.
- Child Disability Benefit (Disability Tax Credit) Application Letter (Template) is a sample letter asking for the benefit to be made retroactive for your child, and this depends on your child’s disability.
- If you are applying for the Disability Tax Credit I implore you to either do it yourself or see an accountant, don’t use the Services out their that are working on a commission from your CRA settlement. The government did bring an Act in to protect you from “Promoters” however, as I outline in, Bill C-462 : Protecting Disabled Canadians or a Paper Tiger ?, nothing seems to be happening there.
- A very useful page to help with the Disability Tax Credit application is here. Check out the owner of this info at Autism Funding In BC as well, some very good information there.
- Remember that sometimes you must reapply for the Disability Tax Credit Certificate, and with that in mind I wrote Time to Re-apply for the Disability Tax Credit Certificate
- The response to the re-application was actually quite quick, and positive too Notice of Determination on Disability Tax Credit
Are you having issues applying for the DTC? Your medical professional can ask for help, as we found out with this helpful answer from the CRA
Next Step
Now it is time to Open an RDSP account, if you have been successful.
Click here to see RSDP : How to Open an RDSP Account
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.
- 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.
