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2. Disability Issues >
3. Disability Savings

Open an RDSP

To open a Registered Disability Savings Plan (RDSP) you need to:

• Step 1: Identify the beneficiary
• Step 2: Identify the RDSP holder
• Step 3: Contact a financial organization

Step 1: Identify the beneficiary

The beneficiary of the RDSP is the person who will receive the money in the future. The beneficiary must:

• be under 60 years old,
• be a Canadian resident,
• be eligible for the Disability Tax Credit (Disability Amount), and
• have a Social Insurance Number (SIN)

There can only be one beneficiary per RDSP, and only one RDSP per beneficiary.

Step 2: Identify the RDSP holder

The holder of the RDSP is the person or organization that opens and manages the RDSP.

• For beneficiaries under the age of majority, the holder can be a legal parent, legal representative or public department.
• For beneficiaries over the age of majority, the holder is generally the beneficiary. In certain circumstances, a guardian, legal representative or public department may be eligible to become the holder.

Note: The age of majority varies across provinces and territories.

For more information, visit Setting up and establishing a plan on the CRA Web site or call 1-800-959-8281 (TTY users call 1-800-665-0354).

Step 3: Contact a financial organization

Several financial organizations offer the RDSP, grant and bond. To open an RDSP and apply for the grant and bond, complete a registration form at one of the participating Financial Organizations.

Long-term disability savings

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Date Modified:

2011-09-13