How to Set Up a Registered Disability Savings Plan for Autism Families

Steps in this guide

1. 1

   Confirm Disability Tax Credit Eligibility

   The RDSP requires an approved Disability Tax Credit (DTC) certificate. If you do not already have one, complete Form T2201 with your doctor. The DTC confirms that the person has a prolonged impairment in mental or physical function.

2. 2

   Choose a Financial Institution

   Not all banks offer RDSPs. Major providers include BMO, CIBC, RBC, Scotiabank, and TD. Compare account fees, investment options, and customer service. Some institutions offer self-directed RDSPs with more investment flexibility.

3. 3

   Open the RDSP Account

   Visit your chosen financial institution with the beneficiary's SIN, DTC approval notice, and government-issued ID. If the beneficiary is under 18, a parent or guardian opens the account. For adults, a legal representative may be needed if the person cannot manage finances independently.

4. 4

   Apply for Matching Grants (CDSG and CDSB)

   Apply for the grant and bond through your financial organization. Each eligible contribution receives a matching grant. Once carry-forward amounts are caught up, the grant can be up to $3,500 a year depending on family income, while the bond can be up to $1,000 a year for a low-income beneficiary with no contribution required.

5. 5

   Set a Contribution Schedule

   Check the annual Statement of Entitlement before setting contributions. It tells you how much grant is available and how much to contribute, including any carry-forward amounts. The amount needed to receive the maximum grant depends on family income.

6. 6

   Plan Withdrawals Carefully

   An LDAP is a recurring payment, while a DAP is a single payment requested by the holder. If you withdraw after receiving a grant or bond within the last 10 years, you may have to repay some or all of it. The repayment is $3 for each $1 withdrawn, up to the applicable grant and bond amount, so ask your financial organization for the exact amount.