Registered Disabilities Savings Plan
 

The Canadian government has created a method to enable families having children with disabilities to put money aside for them for their future long-term needs.  This is called a Registered Disabilities Savings Plan. The Nova Scotia government has agreed to its use within our province.

The lifetime contribution limit for an RDSP is $200,000, with no annual limit.  Anyone can contribute to the RDSP with the written permission of the plan holder.  Contributions are not tax-deductible and are not included in income when paid out of an RDSP.  Investment income earned in the plan accumulates tax-free.  However, grants, bonds, and investment income earned in the plan are included in the beneficiary's income for tax purposes when paid out of the RDSP.

Related information:

  • The Government may pay a matching Canada Disability Savings Grant of up to $3,500 a year on contributions.
  • The Government may also pay a Canada Disability Savings Bond of up to $1,000 a year into the RDSPs of low-income and modest-income Canadians.  The bond is paid into an RDSP even if no contributions were made to the plan.

    • Contact Information:

  • Contact 1 800 O-Canada (1-800-622-6232)

    • Google for further information using: Canadian disability savings plan.

    Mr. and Mrs. Mary and David Ryder have kindly agreed to answer any questions our EANS members have about this new initiative.  They can be contacted using the following email: maryryder@ns.sympatico.ca.