Less than one-third of eligible residents in Canada (up to age 59) have a Registered Disability Savings Plan (RDSP)—about 31.5% in 2020.
Residents in Canada who have a severe and prolonged mental or physical disability are eligible for the Disability Tax Credit (DTC). This opens the door to other programs, one of which is the RDSP.
An RDSP is not tax deductible, but it offers several advantages to beneficiaries. Up to the age of 49, the Government of Canada matches contributions to the savings plan at up to 300% and invests up to $1,000 a year for eligible residents in Canada with low income. Beneficiaries also do not pay tax on RDSP contributions when withdrawn.
To understand why more eligible residents in Canada do not have an RDSP, Employment and Social Development Canada asked Statistics Canada to conduct the Survey on Savings for Persons with Disabilities. Its goal was to collect data from residents in Canada who were eligible for an RDSP but did not open one.
These respondents included both persons with disabilities and family members or others who care for persons with disabilities, since the holder of the plan may not be the same person as the beneficiary in all cases.
These data show that, in general, eligible residents in Canada lack information about the RDSP, with many not being aware it exists and a substantial portion reporting not having enough information or money to open one.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).