Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Disabled man in wheelchair by bus. (Photos.com)
Disabled man in wheelchair by bus. (Photos.com)

RDSP basics

Opening an RDSP Add to ...

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:

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

Apply for the Canada Disability Savings Grant and the Canada Disability Savings Bond when you open the RDSP. Ask your financial institution for the application forms.

4. Choose the investments

RDSP investments can include savings accountsGICsstocksbonds and mutual funds. When choosing investments, take into consideration:

  • 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

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular