The Canada Disability Savings Bond is money the Government deposits into the Registered Disability Savings Plan (RDSP) of low- and modest-income Canadians.
The RDSP is a long-term savings plan that helps Canadians with disabilities and their families save for the future.
In 2018, if your family income is:
- less than or equal to $30,450, the Government deposits $1,000 each year to your RDSP
- between $30,450 and $46,605, the Government deposits a portion of the $1,000 to your RDSP each year. As your family income increases, the Bond amount paid into the RDSP decreases
- there is a limit of $20,000 in Bond amount over your lifetime
You do not need to make any contributions to your RDSP to receive the Bond. Bonds are paid into your RDSP until the end of the calendar year in which you turn 49 years of old.
You may be eligible if you:
- have an RDSP,
- are 49 years of age or under (if you are 49, you must apply before the end of calendar year in which you turned 49),
- are a Canadian resident
- have a Social Insurance Number
- are eligible for the Disability Tax Credit
- have filed your income tax and benefit return
- your family income is less than $46,605 (as of 2018)
Apply for the Canada Disability Savings Bond
- File your income tax and benefit return every year.
- This allows the Government to know how much Bond you will receive.
- If you are over 18 years of age, you must file your returns.
- Parents or guardians of beneficiaries under 18 years of age must file their returns, must have applied for the Canada Child Benefit for the past two years, and must continue to do so for all future taxation years.
- If you have never filed your income taxes or have missed a few years, you will need to file taxes for the past two years.
- Open an RDSP account at a participating financial organization.
- You must apply for the Bond through the financial institution where you have your RDSP.
- Print, complete, and bring the Bond application form with you to the financial institution.