Opening an RDSP

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

Apply for the Canada Disability Savings Grant and the Canada Disability Savings Bond when 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, and
• when regular payments from the plan are likely to start.

Learn more about choosing investments.

4 questions to ask

  1. What kinds of fees are there?
  2. What investment products are offered?
  3. What are the rules for making lump-sum withdrawals?
  4. How do the regular payments work?

Take action

Apply for government grants and bonds at the financial institution where you open your RDSPRDSP See Registered Disability Savings Plan.+ read full definition.

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