In 2014, the government of BC declared October RDSP Awareness Month to help raise awareness about the Registered Disability Savings Plan (RDSP). The RDSP is the world’s first savings plan specifically designed for people with disabilities. Even with little to no personal contributions, there are significant government contributions available to help many people in Canada with disabilities save for their future.
Everyone deserves a chance to save for the future, but prevailing health and social inequities pose barriers to accessing financial security. We know that health can significantly impact financial well-being and that social circumstances deeply impact health outcomes. We recognize the RDSP as just one tool that gives more Canadians with disabilities a chance to plan for long-term financial security.
Many eligible people are still missing out
We believe that every eligible person should have an RDSP, but unfortunately, we know this isn’t the case. Even with the financial security that it can provide, many people who qualify still don’t have an RDSP.
Only about 31% of people who are approved for the Disability Tax Credit (DTC) and are aged 0-49 have opened an RDSP (49 is the cutoff for opening an RDSP and being able to receive government contributions). Being approved for the DTC is the most important thing to have before you can open an RDSP.
If you or someone you know has a disability, we encourage you to find out more. Contact your financial institution, our website, or Access RDSP for more information.
Access RDSP Can help
Access RDSP is a partnership between Plan Institute, BC Aboriginal Network on Disability Society (BCANDS) and Disability Alliance BC (DABC). The purpose of the program is to increase uptake of the RDSP by helping people learn about, become eligible for and open an account. We provide support and resources every step of the way. BCANDS provides one-on-one direct service for Indigenous peoples. All our services are free!
To learn more go to rdsp.com