Frequently Asked Questions

  • WHAT ARE THE FEES?

     

    There are no fees for any assistance that is provided by RDSP Canada. This includes, but is no limited to, any of the following:

     

    A. Determining your eligibility for the various benefits program.

    B. Calculation of your benefits.

    C. The sending of your Statement of Benefits.

    D. The referring of a Benefits Specialist.

    E.  Assistance with Disability Tax Credit (DTC) application process, etc.

     

    Please note: All Benefits Specialists referred by RDSP Canada are fully licensed and there are no fees for their assistance.

     

     

  • HOW LONG DOES IT TAKE TO GET THE BENEFITS?

    Typical time frames are as follows:

     

    A. To determine your eligibility for the Disability Bond and/or Grant: 5-15 business days

    B. First deposit of the Bond and/or Grant: 60-90 days

    C. Qualification of additional benefits program (provincial and/or federal): 90-120 days

    D. If you are applying for the Disability Tax Credit (DTC), qualification times can take up to 180 days.

  • WHAT IS A BENEFITS SPECIALIST?

    A Benefits Specialist is an individual who will assist you in collecting all of your provincial and federal entitlements.

     

    They will help to determine your eligibility for various programs and assist you with applying.

     

    All Benefits Specialists referred by RDSP Canada are fully licensed to assist you. You may verify their credentials with the Canadian Securities Administrators (CSA) by visiting the CSA website and entering your Benefits Specialist’s name.

    Access the CSA here: Canadian Securities Administrators  - National Registration.

     

    There are no fees for assistance provided by a referred Specialist.

  • IS THE DISABILITY BOND DIFFERENT THAN THE DISABILITY TAX CREDIT (DTC)?

    Yes, the Disability Bond is different.

     

    The Disability Tax Credit (DTC) is a non-refundable tax credit used to reduce the income tax you pay. It's available for people with a severe and prolonged physical or mental impairment, subject to approval by the Canada Revenue Agency (CRA). Even if an individual living with a disability earns no income, they should still qualify for the DTC, as there are other programs that provide funds that require the DTC to qualify.

     

    The Canada Disability Savings Bond is money that the Federal Government of Canada contributes to a special registered account for the person living with the impairment. The benefit can be collected retroactively (if applicable). The maximum lump-sum deposit for 2019 is $12,000. Subsequent deposits are made annually (a maximum of $1,000/year). The lifetime maximum for the Disability Bond is $20,000.

     

    To determine your eligibility to receive the Disability Bond, visit: Disability Bond Eligibility

  • WHAT IMPAIRMENTS QUALIFY?

    The Canada Revenue Agency does not have a specific list of impairments or disabilities that are excluded. Rather, each application is considered on a case-by-case basis. The CRA makes the decision about qualification based on your doctor's assessment and the severity of the impairment (for example, is it present at least 90% of the time and does it take the individual 3x longer to complete the tasks of daily living).

     

    To determine if you should apply for the Disability Tax Credit, visit: Disability Tax Credit (DTC) Qualification Survey

     

    To determine your eligibility to receive the Disability Bond, visit: Disability Bond Eligibility

  • CAN I COLLECT MY BENEFITS RETROACTIVELY?

    For the purposes of this section:

     

    Canada Disability Savings Bond - may be collected retroactively, provided that the appropriate conditions are met (for example, your Year of Eligibility, age, etc).

     

    Canada Disability Savings Grant - retroactive Grant money may be collected, provided that you are eligible and follow the appropriate strategy. Professional advice specific to your situation is helpful when collecting your Grant retroactively.

     

    Disability Tax Credit - some of the benefits from the DTC may be collected retroactively. At the time of completing the DTC Application, you will be asked if you would like the CRA to make retroactive adjustments on your behalf. If you select 'Yes', you will receive your retroactive benefits (up to 10 years). If you select 'No', you may make a written request for your retroactive benefits to be adjusted at a later date.

  • HOW MUCH MONEY CAN I EXPECT TO RECEIVE?

    Canada Disability Savings Bond

    The maximum lump-sum deposit for 2020 is $13,000. Subsequent deposits are made annually (a maximum of $1,000/year). The lifetime maximum for the Disability Bond is $20,000.

     

    Canada Disability Savings Grant

    The maximum annual Grant amount is $3,500. If collecting retroactively, you may receive a maximum annual Grant amount of $10,500. The lifetime maximum for the Disability Grant is $70,000.

     

    Disability Tax Credit Certificate

    The amount of money that you receive as a refund from the government at the time of qualification is specific to your situation. While amounts in excess of $40,000 have occurred, they are not typical. Regardless, even if you were to receive a modest refund (or none at all), qualifying for the DTC allows for you to capture additional credits, benefits, and expenses. If you are eligible for the DTC, it is in your best interest to apply.

  • HOW DO I KNOW IF I QUALIFY?

    To determine if you should apply for the Disability Tax Credit, visit: Disability Tax Credit (DTC) Qualification Survey

     

    To determine your eligibility to receive the Disability Bond, visit: Disability Bond Eligibility

  • I HAVE A QUESTION, HOW CAN I ASK IT?

    If you have a question about the Canada Disability Savings Bond, the Canada Disability Savings Grant, the Registered Education Savings Plan (RDSP) or the Disability Tax Credit (DTC) Certificate, you may ask it here.