4 steps to opening an RDSP
1. Choose a financial institution
Start with 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 investmentInvestment An item of value you buy to get income or to grow in value.+ read full definition products are offered?
• What are the rules on lump-sum withdrawals?
• How do the regular payments work?
Ask these questions before choosing a financial institution.
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
4. Choose the investments
• the beneficiary’s age,
• estimated annual contributions,
• the likelihood of making lump-sum withdrawals, and
• when regular payments from the plan are likely to start.
Learn more about choosing investments.
4 questions to ask
- What kinds of fees are there?
- What investment products are offered?
- What are the rules for making lump-sum withdrawals?
- How do the regular payments work?
Apply for government grants and bonds at the financial institution where you open your RDSPRDSP See Registered Disability Savings Plan.+ read full definition.