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RDSPs are savings plans that helps qualified Canadians with disabilities enhance their long-term financial security. The beneficiary of a RDSP must be eligible to claim the Disability Tax Credit.

Benefits of RDSPs

Flexibility

Withdrawals can be taken at any age however they must begin by age 60. In addition you're free to spend your RDSP money on anything you want. Neither the Federal or Provincial Governments have palced restrictions on how you can spend your RDSP returns.

Government Contributions

The Federal Government will provide assistance in the form of a matching grant and/or a bond which can be paid until the year the beneficiary turns 49. The government will pay a matching Canada Disability Savings Grant of 300, 200 or 100 percent, depending on the beneficiary’s family income. For lower income families the Canada Disability Savings Bond will pay into the RDSP without any contributions being made.

No Annual Limit

Investment contributions can be made up to a lifetime limit of $200,000 and can be made until the year end of the beneficiaries 59th year. Contributions are not tax deductible.