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. However, you cannot maximize government contributions by contributing a lump sum of $200,000. If you contribute $200,000 as soon as you open the plan, you cannot still contribute to get the grant every year.
If you want to receive the full amount of grant every year, you will need to contribute either $1,000 or $1,500 per year. The amount to maximize government contributions will depend on your income, how many years you’ve had the RDSP open for, and whether you were DTC eligible for years prior to you opening your RDSP.
Can I receive both the grant and the bond at the same time?
Yes, you receive the grant and bond at the same time.
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. The annual maximum grant is $10,500. However, you cannot receive retroactive grants after the calendar year in which you turn 49.
How do I know how much in matching grants I have available?
Each year the government sends 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.