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Registered Disability Savings Plan 

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What is an RDSP?

A Registered Disability Savings Plan (RDSP) is a government registered savings plan designed to assist individuals with disabilities and their families in preparing for their long-term financial needs, such as future medical expenses and living costs. This plan allows their savings to grow tax-deferred, much like a Registered Retirement Savings Plan (RSP). Contributions can vary from year to year, with the flexibility to contribute at any level, and contributions can continue until the beneficiary reaches the age of 59. 

Who can contribute ?

Anyone can contribute to an RDSP, provided they have written authorization, and there are no limitations on the purpose of the funds once they are withdrawn, as long as they benefit the beneficiary. Although RDSP contributions are not tax-deductible, any income generated within the plan is shielded from taxation until withdrawal. When funds are withdrawn, they are subject to taxation as income. Additionally, individuals may be eligible for government assistance in the form of grants and bonds.

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