This Page Explains certain requirements that must be fulfilled before a person invest in an RDSP
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:
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:
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 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.
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.
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
Mutual funds are offered through Networth Financial Corp. (NFC), member of the MFDA and MFDA Investor Protection Corporation. Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the Fund Facts Sheets before investing. Mutual funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer and are not guaranteed, their values change frequently and past performance may not be repeated.
Yogesh Bansal is dual licensed for the sale of insurance products as well. As such, you may be dealing with more than one company depending on the products or services provided. NFC is responsible only for business licensed under the Provincial Securities Act & Regulations. It does not supervise or review any other business. All other services are the responsibility of another licensed entity and not the responsibility of NFC.