Contributions to RDSPs

Each RDSP will have a $200,000 lifetime contribution limit and there is no annual limit on contributions, which can be made until the year the beneficiary turns 59. New rules now allow a parent or grandparent to “roll-over” money in an RRSP, RRIF into an RDSP under certain circumstances when they pass away.

Canada Disability Savings Grant

These grants will be greater for families in the lower and middle-income levels and will assist individuals to save for the future. Some of the rules include:

• The maximum federal lifetime Grant contribution will be $70,000;
• Beneficiaries must wait 10 years after the last Grant is received to avoid repayment rules;
• Grants will not be considered part of the $200,000 limit.