Set up, amend or close a disability savings specimen plan
A trust company must receive approval from the Canada Revenue Agency (CRA) before offering registered disability savings plans (RDSP) to their clients. The trust company is responsible for administering those RDSPs. They may transfer some administrative duties to another financial institution. To do so, the trust company must send the CRA a letter that authorizes the financial institution to administer RDSPs on their behalf.
The trust company may wish to change the content of the RDSPs that they offer. The CRA needs to approve these changes before the trust company can offer the modified RDSPs to their clients.
Set up a disability savings specimen plan
Step 1: Create a disability savings specimen plan
A disability savings specimen plan is a true copy of all documents that will be given to the client who wants to open an RDSP. The trust company or authorized financial institution must include the following documents as part of their disability savings specimen plan:
- the disability savings plan application formFootnote 1
- the disability savings plan declaration of trust (See RDSP pro forma for basic wording that can be used when creating a declaration of trust)
- any addendum, schedules, or riders that form part of the application that clients will use to open an RDSP
CRA will only approve a specimen plan that meets all registration conditions described in the Income Tax Act. For more information, see Part II – RDSP Administration, Specimen Plan Approval Process in IC99-1R Registered Disability Savings Plans.
Step 2: Get approval from the CRA
Send the disability savings specimen plan to CRA for approval.
By mail and courier
Due to a building refit spanning multiple years, the Registered Plans Directorate’s mailing address has been temporarily changed. Please use the following address for all correspondence until further notice:
Registered Plans Directorate
Canada Revenue Agency
2215 Gladwin Cres
Ottawa ON K1B4K9
Step 3: Enrol with Employment and Social Development Canada
Complete the issuer enrollment process with Employment and Social Development Canada.
Amend a disability savings specimen plan
CRA must approve all changes made to the specimen plan documents. This includes any legislative changes to the RDSP program.
The trust company or authorized financial institution who administers the RDSP must send their specimen plan changes to the CRA for review and approval.
By mail and courier
Due to a building refit spanning multiple years, the Registered Plans Directorate’s mailing address has been temporarily changed. Please use the following address for all correspondence until further notice:
Registered Plans Directorate
Canada Revenue Agency
2215 Gladwin Cres
Ottawa ON K1B4K9
Once approved, the trust company or authorized financial institution must communicate the specimen plan changes to all RDSP holders.
To find more information on specimen plan changes see paragraph 96 of IC99-1R Registered Disability Savings Plans.
Close a disability savings specimen plan
The trust company or authorized financial institution responsible for administering a disability savings specimen plan must notify the CRA when:
- RDSPs no longer conform to the specimen plan; or
- The trust company or authorized financial institution is no longer marketing the specimen plan
By mail and courier
Due to a building refit spanning multiple years, the Registered Plans Directorate’s mailing address has been temporarily changed. Please use the following address for all correspondence until further notice:
Registered Plans Directorate
Canada Revenue Agency
2215 Gladwin Cres
Ottawa ON K1B4K9
The CRA will close the specimen plan and all related RDSPs.