Canada's Registered Disability Savings Plan (RDSP) explained | The Pulse

In our second tax season video, the Canada Revenue Agency's Gurpreet Plaha discusses the Registered Disability Savings Plan (RDSP) available to Canadians with Disabilities. #RDSP #disability #tax #podcast
The Pulse is a weekly, long-form interview show that dives into issues impacting the disability community across Canada. Host Joeita Gupta is blind and deeply passionate about disability rights.
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About The Pulse
On The Pulse, host Joeita Gupta brings us closer to issues impacting the disability community across Canada.
Joeita Gupta has nurtured a life-long dream to work in radio! She's blind, moved to Toronto in 2004 and got her start in radio at CKLN, 88.1 FM in Toronto. A former co-host of AMI-audio's Live from Studio 5, Joeita also works full-time at a nonprofit in Toronto, specializing in housing/tenant rights.
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AMI is a not-for-profit media company that entertains, informs and empowers Canadians who are blind or partially sighted. Operating three broadcast services, AMI-tv and AMI-audio in English and AMI-télé in French, AMI’s vision is to establish and support a voice for Canadians with disabilities, representing their interests, concerns and values through inclusion, representation, accessible media, reflection, representation and portrayal.
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[@MarcoEmeryLinden]

Thank you!

[@thepulseami]

Thanks for watching!

[@RazorOil]

Great show very educational

[@QueenMaryStuart]

Thank you!

[@CynthiaRundle]

I have a couple of questions regarding the content of this video. Starting around 4:20, Gurpreet says “In some cases when your eligibility for disability stops, it comes to my mind that the RDSP will terminate in the year, and then all the grants or bonds that you receive from the government would have to be paid back or refunded to the government.” When she says ALL, does this mean for that year alone, or for all previous years as well. Then, at 13:00 when asked if there are any situations when the government may stop contributing to someone’s RDSP, or would contribute less, Gurpreet says “when the beneficiary turned 49. Now there is a requirement. So when government stops paying any grants or bonds the year in which the beneficiary turns 49.” Why 49 (and not 59)?

[@marykay8587]

1 All of it including the previous years
2 Age 49 is what the Government set up, who knows why? They wont contribute anymore past 49 years of age but you still can until age 59.

[@sargonassarg4356]

Great video Joeita. The RDSP is a very important tool that anyone who is disabled should utilize. Both you and your guest have helped to clarify a lot of the unkowns.
However, two problems with the RDSP are:
1. Getting an RDSP requires the DTC. The DTC has a much higher requirement to get approved for compared to ODSP. Many people on ODSP can never qualify for the federal DTC program despite being qualified for the provincial disability program (ODSP).
2. The government contributions ending at age 49 is very unfair. Someone who qualifies for the DTC at a later stage in life is penalized due to having less contribution room over a shorter period of time (since contributions are done yearly). A 45 year old who who gets approved for DTC has only 4 years (plus previous 10 years) to get the maximum matching grants from the government up to a max of $100k grant money. Someone who qualifies for the DTC at age 20 and regularly contributes can get up to 500k before they turn 49.
The RDSP should work life a TFSA; the older you are, the more contribution room you should get.

[@thepulseami]

Thanks for your comments! You've made some valid criticisms.

[@marykay8587]

Exactly! I am legally blind and am limited but I've only learned about this 2 years ago and this year I'll be 47 which means my Gov contribution is already very limited! Not too sure how I can play catch up even tho I've contributed the max amount the last couple of years

[@jimmy1010expedia.bulletproof]

The lifetime grants is only 70000. Doesn't matter what age you got RDSP