Follow these 4 steps to open an RDSP

​1. Choose a financial institution

Take a look at this list of financial institutions that currently offer RDSPs in Canada. Shop around and ask questions like:

• What kinds of fees are there to set-up, administer and manage the plan?
• What investment products are offered?
• What are the rules on lump-sum withdrawals?
• How do the regular payments work?

Use this checklist to help you compare the options.

2. Open the RDSP

If you're the beneficiary as well as the plan holder, you'll need:

• your social insurance number, and
• a piece of valid photo ID.

If you're a legal representative for the beneficiary, bring proof of your position.

3. Apply for government grants and bonds

Apply for the Canada Disability Savings Grant and the Canada Disability Savings Bond at the same time as you open the RDSP. Ask your financial institution for the application forms.

4. Choose the investments

RDSP investments can include savings accounts, GICs, stocks, bonds and mutual funds.When choosing investments, take into consideration:

• the beneficiary's age
• estimated annual contributions
• the likelihood of making lump-sum withdrawals
• when regular payments from the plan are likely to start.

Learn more about choosing investments.