Valley First

Disability Savings Plan

This investment plan is for you if:

  • you currently receive the Disability Tax Credit.
  • you'd like the opportunity to provide for your family's future.
  • you like the idea of getting money from the government—every penny counts.

Overview

Key Features & Benefits

A Registered Disability Savings Plan (RDSP)* is a long-term savings plan to help Canadians with disabilities and their families save for the future. Earnings accumulate tax-free, until money is taken out of the RDSP.

Best of all, the Government will pay matching grants and bonds up to $4,500 annually, depending on the amount contributed and the family income.

An RDSP beneficiary must be:

  • a Canadian resident
  • eligible to receive a Disability Tax Credit
  • have a valid social insurance number

Contributions can only be made to the plan until the end of the year in which the beneficiary turns age 59, unless a beneficiary's RDSP is opened as a result of a transfer from their prior RDSP. Grants are available until the end of the year in which the beneficiary turns 49. The Beneficiary must begin receiving payments from the plan by the end the year in which they turn 60.

Interested in finding out more? Check out our online brochure (PDF) chalked full of great information or come into your nearest branch. You will need Adobe Acrobat Reader to view this PDF document. If you do not already have Adobe Acrobat Reader, click here to download this free software.

*Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.

Options

Plan Options

Valley First offers a wide variety of RDSP investment options. There are no annual administration fees and you’ll also have the opportunity to make regular payments through Pre-Authorized contributions.

High Interest Savings Account

  • Tiered interest rate paid to the account
  • Easy and convenient access to your money
  • Ability to switch the balances to a term deposit or mutual funds*

Term Deposits

  • Term length of 30 days to 5 years
  • Available in redeemable and non-redeemable options
  • Competitive interest rates

Mutual Funds*

  • Available through Qtrade Asset Management Inc. and Qtrade Advisor*.

For no obligation advice, to set up a new plan, make another contribution to your existing plan, or transfer in money held at another financial institution, simply contact an Valley First branch today.

More information

You can learn more about RDSPs and grants here:

*Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.

FAQ

Frequently Asked Questions

Who can contribute?

Anyone can contribute to an RDSP if they get the written permission of the RDSP holder (the person or organization that opens and manages the RDSP). An RDSP can be created by the beneficiary or by another person who is legally authorized to act for the person (i.e. a parent or guardian).

How much can be contributed?

There is a $200,000 lifetime contribution - with no annual limit on contributions. To encourage savings, grants and bonds must remain in the RDSP for at least 10 years. Contributions to an RDSP are not tax-deductible.

Can an RDSP be opened by joint plan holders?

Yes. The RDSP can be held by both legal parents of the beneficiary—it is even possible for the parents and the beneficiary to be joint holders under the plan.

What is the Disability Tax Credit?

The disability amount, also known as the Disability Tax Credit, is a non-refundable tax credit that someone with a qualifying impairment can claim to reduce the amount of income tax they owe each year.

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