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The RDSP Starter Checklist

Ten plain steps from first questions to money in the plan: confirm the Disability Tax Credit, choose where to open the RDSP, make a first contribution, and claim the grants and bonds. Read it here, download the PDF, or have a copy emailed. Your choice.

What does opening an RDSP involve?

This checklist walks you through opening a Registered Disability Savings Plan in ten plain steps: confirming Disability Tax Credit approval, choosing where to open the plan, making a first contribution, and claiming the grants and bonds that can add up to $90,000 over a lifetime. Read it here, or download the PDF.

The checklist, step by step

This is the same checklist as the PDF, printed here in full so you can work through it right on the page. Ten steps, in order, from first questions to money in the plan.

  1. Confirm DTC eligibility. The Disability Tax Credit is the key that unlocks the RDSP. If the person the RDSP is for is not yet approved, start the T2201 application with the CRA first. Not sure where you stand? The DTC eligibility checker gives you a plain language first look.
  2. Get approved for the DTC. Once approved, the CRA notifies Employment and Social Development Canada. This is what makes the grants and bonds possible.
  3. Choose where to open the RDSP. Banks, credit unions, and other financial institutions can issue RDSPs. Pick one you trust and that you can reach easily.
  4. Open the RDSP. You will need the beneficiary's SIN and DTC approval. The holder, often a parent, manages the plan.
  5. Make your first contribution. There is no minimum to open most RDSPs. Even small, regular contributions add up, and they attract matching grants.
  6. Claim the Canada Disability Savings Grant. The government matches contributions up to $3,500 per year, to a lifetime maximum of $70,000, based on family income.
  7. Claim the Canada Disability Savings Bond. For lower-income families, the government deposits up to $1,000 per year with no contribution required, to a lifetime maximum of $20,000.
  8. Know the $200,000 contribution limit. Lifetime contributions are capped at $200,000 per beneficiary. Grants and bonds do not count toward this cap.
  9. Respect the 10-year holding rule. Grants and bonds must generally stay in the plan 10 years or they may be repaid. Plan withdrawals with this in mind.
  10. Book your conversation. Walk through your specific situation with someone who lives this stuff. You don't have to figure this out alone. I'm here to help you through every step. Book a conversation.

When you are ready to see whether an RDSP fits your situation, the RDSP readiness checker takes about a minute. The full framework behind every step lives on the Disability Finance hub, and this checklist is part of our tools collection.

Made for everyone: these resources work with screen readers, keyboards and large text. If any part is hard to access, contact us and we will provide it in another format.

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Get the RDSP Starter Checklist

Everything you need to open an RDSP and claim the government money, on one page. Download it right now, no email needed. Want a copy in your inbox too? Join the list below.

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RDSP checklist questions, answered.

Do I need Disability Tax Credit approval before opening an RDSP?

Yes. DTC eligibility is the key that unlocks the RDSP. The CRA must approve the person the plan is for, on Form T2201, before the plan can receive grants and bonds. If you are not sure where you stand, the DTC eligibility checker gives you a plain language first look.

How much can the government add to an RDSP?

Up to $90,000 over a lifetime: as much as $70,000 in matching grants and $20,000 in bonds. The grant can reach $3,500 a year on a $1,500 contribution when family net income is at or below $117,045, and the bond can pay up to $1,000 a year with no contribution at all.

What are the key RDSP deadlines?

Grants and bonds are paid until December 31 of the year the beneficiary turns 49. Contributions can continue until December 31 of the year the beneficiary turns 59, up to the $200,000 lifetime contribution limit.

What if we missed years of grants and bonds?

Missed years are not necessarily gone. Unused grant and bond entitlement can be carried forward for up to 10 years, with catch-up grants capped at $10,500 in a calendar year. Starting late still beats not starting.

Sources: Registered Disability Savings Plan, Government of Canada · How much you could get in grants and bonds, Government of Canada · Disability Tax Credit, Canada Revenue Agency.

About the author: Sean Leduc is a financial professional in Ontario and the founder of The Inclusion Strategist. He helps Canadian families understand the RDSP, the Disability Tax Credit, and insurance that says yes. On these topics he writes from both sides of the desk: he is a Disability Tax Credit certificate holder and an RDSP holder himself. He writes these guides so families can learn first and decide without pressure.

Found an error in this guide? Tell us and we will fix it and note the correction here.

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