To find out about the RDSP, whether you qualify, and where you can sign up, visit www.rdsp.com .
As we follow the ongoing saga of the RDSP, I find it useful to provide some important tips for preparing to set up an RDSP and what you should be aware of when you do.
As we have mentioned before on this blog, and as is mentioned in far greater detail on www.rdsp.com, in order to be eligible for the RDSP you will have to follow 4 Key Steps. These Steps are:
1) Make sure you are eligible and apply for the Disability Tax Credit.
2) Have a valid Social Insurance Number.
3) File a 2006 and 2007 tax return (the amount of Grant and Bond will be determined by your income reported on your tax return from two years prior). If you want to receive a Grant and Bond for 2008, you will need to have filed your tax return for 2006.
4) If your setting up an RDSP for a child, make sure you apply for the Canada Child Tax Benefit.
With the only a few financial institutions likely to be ready to issue the RDSP in December (although we have heard there may be a national bank offering the RDSP before the end of the month), it will be essential that people are prepared. If you are planning to capitalize on the Grant and Bond for 2008 (I realize this is going to be pretty tight for most people), and a financial institution is able to offer you a plan, make sure you have that 2006 tax return filed.