CRA RDSP's What's New

Because RDSP were not made available until the end of 2008, interested applicants are not being penalized.  They have until March 2, 2026 to apply for the 2008 year. 

Registered Plans (CRA department) will maintain the unregistered plan until April 30, 2025 and then send the client a letter informing them of the closure if nothing has been received. 

A person can still contribute to the plan, even though eligibility for the DTC may not have been established. 

The grant and bond portion of the RDSP will be retroactively applied when DTC eligibility has been confirmed. 

Example, if a person applies on March 1, 2026 for the 2008 year and does not receive confirmation of their eligibility until October 2010, they would still receive grants and bonds (where eligible) for the 2008, 2009 and 2010 years.

BMO Investment Centre has a call line set up to set up your RDSP by March 2, 2026

1-800-665-7700 Extension 4835#

See recent Newsletters on this website for more information / note that except for in Quebec, they are the only financial institution who has RDSP's set up.  More will come online in the coming months, but may not before March 2, 2009, which is the deadline for grants/bonds for 2008.

Steps:

1. Obtain the beneficiary SIN # - Apply for the SIN # from Service Canada. Do that right away. It may take up to 10 business days to obtain the number.
2. Complete RDSP application form
3. Complete Grant application form
4. Print 2 copies of each
5. Visit local BMO bank branch to set up profile before they can open the RDSP account, Have two pieces of government issue ID for the trustee and the Social Insurance number of the beneficiary of the RDSP as well as the completed forms

Alternative if you are not close to a BMO, call for help and fax everything directly to BMO 1-888-840-2817

Call BMO 1-800-665-7700 to discuss investment options and objectives or for now, just deposit the funds into interest bearing account until you are sure what you want to invest in.  Don't get pressured into investing in something you aren't sure about.  

You can put up to $200,000 into an RDSP.  That doesn't mean you should do it all at once.  But maybe it does.  If you need help, contact someone reputable to assist you with a plan.  Consider contact Jack Styan at PLAN www.plan.ca for more information.

Read the legislation that explains how the RDSP's work which is all set out below.  Yes, it's complex, but it's in English.  Read it. Each of the blue arrow leads to a link with information you need to know.

BC extra matching grant of $150 per person January 12, 2026 press release (check your province/territorial government website for similar announcements)

Explanatory Notes relating to Federal Budget Nov 2007 (technical)

Budget explanatory notes 2007 (plain)

Budget explanatory notes 2008 (plain - includes explanation about preventing premature collapse - protection for parents that savings will serve intended purpose)

RC4064 and the T2201 Application for Disability Tax Credit

• Clause 16: Medical Expense (new)
• Clause 23: RESP
• Clause 24: Tax-free Savings Acct
• Clause 25: RDSP