To find out about the RDSP, whether you qualify, and where you can sign up, visit .

Now that it looks like the Bank of Montreal will become the first national bank in Canada to offer the RDSP, and will most likely start offering RDSPs on December 22nd, many people are wondering whether their is any opportunity to receive the Grant and Bond retroactively (until June 2009).  With the shortened time period (December 22nd to December 31st) to get your RDSP set up and your contributions in for 2008 (to leverage the 2008 Grant and Bond), this idea of the retroactive 2008 Grant and Bond has been proposed by a number of people interested in the RDSP.  

So what is the likelihood?

From what we have heard, the likelihood is not that great (although, you never know).  With the limited number of Financial Institutions offering the plan, and the desire of many people not to miss out on the 2008 Grant and Bond, it seems to make sense.  Where it starts to get tricky is when we start to look at exactly what would need to happen in order for this type of change to occur.  Allowing for a retroactive Grant and Bond would require a change in Regulations, which is not a quick or easy process and would require either pass through Cabinet or Ministerial amendment.  Financial Institutions would also have to modify some of their systems to account for this change in policy.  This is not to say that it won’t happen, but that it may be a longshot.

There have been some efforts to push for this retroactive Grant and Bond, and there still seems to be a little steam behind these initiatives, but for the time being you should assume that this retroactivity will not be available.  We will make sure to track this discussion and update everyone as soon as we find out anything.

If you want more information on how to set up an RDSP with BMO you can call their BMO Investment Centre at 1-800-665-7700.