The Registered Disability Savings Plan Process
The Registered Disability Savings Plan pilot project has been made possible through the Maple Tree Fund and the Government of Nova Scotia's Poverty Reduction funding.
Nova Scotians with disabilities of any income level can have an RDSP. Having these savings cannot be used in determining provincial income supports.
There are four (4) steps you need to complete the Registered Disability Savings Plan (RDSP) process:
1. You and either your doctor, nurse practitioner, physiotherapist, etc. need to fill out form T-2201 (Disability Tax Credit Certificate) to certify that you have a disability.
2. When approved by the Canada Revenue Agency, you may take a tax credit of up to $8,000 (it could be more if you are supporting a minor with a disability.)
3.You can start an RDSP account at your bank of choice; with some banks, you will need to set up the RDSP over the phone, and other banks you will be able to book an appointment at a local branch. When you set up the RDSP, let the bank know you would also like to receive the Canada Disability Savings Grant and/or Bond, they will fill out and send in the application form.
To receive the Canada Disability Savings Grant, you must contribute money into your RDSP and the government will match what is put into the account.
To receive the Canada Disability Savings Bond, contributions do not need to be made to the RDSP; this bond is meant for low- to moderate-income individuals and families.
4. You must file a tax return to automatically receive government contributions even if you don't have reportable income.
To estimate the future value of an RDSP, here is a free RDSP Calculator: http://www.rdsp.com/calculator/
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