There are certain requirements that must be fulfilled before a person can invest in an RDSP, for both the beneficiary and the holder.  These qualifications are listed as follows:

The Beneficiary:

• Must be eligible for the Disability Tax Credit (DTC) with a CRA approved Disability Tax Credit Certificate (For T2201);
• Must possess a Social Insurance Number (SIN);
• Must be a resident of Canada;
• Must be under the age of 60; age 49 or less to receive grants and bonds
• Must have only 1(ONE) RDSP at any given time.

The Holder:

• For beneficiaries under the age of majority, holder must be a parent or legal guardian authorized to act on their behalf;
• For beneficiaries over the age of majority, holder must be authorized to act on their behalf;
• The beneficiary may open an account as the holder if they are personally legally able to enter into a contract.

NOTE: A RDSP can have several holders throughout its existence and may have more than one plan holder at any given time.

Disabilities that Qualify for the Disability Tax Credit:

To be eligible for the Registered Disability Savings Plan, you must receive the Disability Tax Credit.  If you already have it, great! Next stop, Call Me !!!

If you do not have it or are not sure if you can get it, you will need to apply. You (or a parent or caregiver) and a health practitioner will need to fill out Form T-2201.

After both sections of the form have been filled out, you must submit the completed form to the Canadian Revenue Agency for Assessment. Following this assessment, the Canadian Revenue Agency will determine whether you are eligible to receive the Disability Tax Credit or not.

Possible Obstacles in the Approval Process:

The First:
As of January 2016, as a holder, you will have been legally authorized to act on the behalf of the person who will be the Beneficiary. For children, this is usually the parents or guardians. For adults, this requires that you have Trusteeship for this person.

The Second: 
The name on the holder(s) and the beneficiary SIN card must match.  If not, this will delay the grants and bonds from going into your account.

The Third:
If there is an account open already, we will need to transfer the funds into the new account as you can only have one RDSP account open at any given time to receive grants.

The Fourth:
There is a lot of information published about RDSPs, not all of it relates to your specific situation. Some information sources report old or wrong information. Make sure that the information that you are referencing is from your province and relates to your specific situation.

Ready to apply?

If you would like to get your RDSP set up, I will need some information to prepare the paperwork and then about an hour of your time to go through it.  After that, it is time for the government grants and bonds, whatever you qualify for, to start coming in!

There are a couple of ways to do this:
1.       Fill out the information required through my secured site
2.       Email me for further information at Yogesh@YogeshBansal.ca
3.       Call me to discuss further at (604) 715-7542