4 steps to opening an RDSP
1. Choose a financial institution
Start with this list of financial institutions that currently offer RDSPs in Canada. Shop around and ask questions like:
What kinds of fees are there to set-up, administer and manage the plan?
What investment products are offered?
What are the rules on lump-sum withdrawals?
How do the regular payments work?
Use this checklist to help you compare the options.
2. Open the RDSP
If you're the beneficiary as well as the plan holder, you'll need:
your social insurance number, and
a piece of valid photo ID.
If you're a legal representative for the beneficiary, bring proof of your position.
3. Apply for government grants and bonds
4. Choose the investments
the beneficiary's age,
estimated annual contributions,
the likelihood of making lump-sum withdrawals, and
when regular payments from the plan are likely to start.
Learn more about choosing investments.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca
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