Eligibility and contributions
Who can become a beneficiary of an RDSP
You can designate an individual as beneficiary if the individual meets all of the following criteria:
■ Is approved for the DTC (unless transferring from an existing RDSP to a new RDSP).
■ Has a valid social insurance number (SIN).
■ Is a resident of Canada when the plan is entered into.
■ Is under the age of 60 (a plan can be opened for an individual until the end of the year in which they turn 59). The age limit does not apply when a beneficiary’s RDSP is opened as a result of a transfer from the beneficiary’s former RDSP.
A beneficiary can only have one RDSP at any given time, although this RDSP can have several plan holders throughout its existence and it can have more than one plan holder at any given time.
Notes
A person is approved for the DTC only if a medical practitioner certifies on Form T2201, Disability Tax Credit Certificate, that the individual has a severe and prolonged impairment in physical or mental functions. This form must also be approved by the CRA and the person must be deemed to be approved for the DTC. To apply online or get Form T2201, go to Disability tax credit (DTC) or call 1-800-959-8281.
The holder does not have to be a resident of Canada. However, the beneficiary must be a resident of Canada when the plan is opened and when each contribution is made to the plan. RDSP payments can only be made to the beneficiary (or to the beneficiary’s estate after the beneficiary’s death). Contributors will not be entitled to a refund of their contributions.
For more information go to Tax credits and deductions for persons with disabilities or see Guide RC4064, Disability - Related Information.
Who can contribute to an RDSP
Anyone can contribute to an RDSP with the written permission of the plan holder. For more information, see Who can open an RDSP