How long does it take to begin receiving deposits from the Federal Government of Canada?
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: 45-60 days from time of application submission
C. Qualification of additional benefits program (provincial and/or federal): 90-120 days
D. Disability Tax Credit (DTC) approval: up to 180 days.
What is a Benefits Specialist and how do they help me?
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
Is the Canada Disability Savings Bond (CDSB) different than the Disability Tax Credit (DTC)?
Yes, the Disability Bond is different than the DTC.
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 retroactive amount that may be collected in 2024 is $10,000. Subsequent deposits are made annually (a maximum of $1,000/year). The lifetime maximum for the Disability Bond is $20,000.
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 2024 is $11,000. 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.
For assistance with the Disability Tax Credit, please first determine your eligibility here.
Do you represent the Federal Government of Canada or any of the provincial governments?
While we assist people in applying for the Canada Disability Savings Bond and Canada Disability Savings Grant, we are not a government agency. A person may not apply for the Bond and/or the Grant directly to the ESDC. Rather, they must work with a qualified institution to open their DSP, have it registered with the CRA, and receive their subsequent payments. We assist people with getting this done with their institution, should they elect to use this service.
Assistance in applying for the Disability Tax Credit Certificate (DTC) is also available at a fee of $50. This is fee is refunded should a person not qualify.
I have a question, how may 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.
