An RDSP is a registered savings plan designed to help individuals who have been approved to received the disability tax credit (DTC) save for the future. Contributions to an RDSP are non tax deductible and can be made until the end of the year in which the beneficiary turns 59.
Withdrawal of contributions are not included as income to the beneficiary when paid out of an RDSP. However, the Canada disability savings grant, Canada disability savings bond, investment income earned in the plan, and the proceeds from rollovers are included in the beneficiary’s income for tax purposes when paid out of the RDSP.
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