CDSG – Frequently asked questions
Can I contribute more than $1,500 into the RDSP?
Yes. You can contribute as much as you want, up to the $200,000 lifetime contribution maximum. Remember that government contributions and interest go over and above the $200,000 limit.
If I contribute $200,000 as soon as I open the plan, can I still contribute to get the grant every year?
No. If you want to receive the full amount of grant every year, you will need to contribute either $1,000 a year or $1,500 a year, depending on which grant you are eligible for.
Can I receive both the grant and the bond at the same time?
Yes, you are allowed to receive the grant and bond at the same time.
When is the deadline for yearly contributions?
There is actually a 10-year deadline. When an RDSP is established, the grant will be paid on unused entitlements for the preceding 10 years, but no earlier than 2008 the year the RDSP first became available. Grants will be based on the beneficiary’s family income in those particular years. Making a contribution automatically triggers the grant.
Is the grant paid retroactively if I have not contributed in past years?
Yes. When you establish an RDSP, the grant is paid on unused entitlements for the preceding 10 years (but only dating back to 2008, the year of the first RDSP.) The annual maximum grant is $10,500.
How do I know how much in matching grants I have available?
Each year the government send each plan holder an annual breakdown called a “Statement of Entitlement” explaining how much grant room is available and how to maximize it for the year.