Your Guide to Understanding RDSP. ReGISTeReD DISAbIlITy SAvINGS PlAN
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1 Your Guide to Understanding RDSP ReGISTeReD DISAbIlITy SAvINGS PlAN 2012/2013
2 Table of Contents WHAT IS AN RDSP? 1 Who can become a beneficiary of an RDSP? Who can set up an RDSP? CoNTRIbuTIoNS 4 Who can contribute to an RDSP? Qualified investments for RDSPs Contribution and Limits Government grants WITHDRAWAlS/PAymeNTS 9 Repayment of Grant and Bond Disability Assistance Payments Shortened Life Expectancy RDSP reporting TRANSfeRS 10 RolloveR 10 TeRmINATIoN of THe RDSP 13 budget 2012 RDSP CHANGeS 14 WHeRe Do you Go from HeRe? 19
3 What is a Registered Disability Savings Plan (RDSP)? The Government of Canada introduced the Registered Disability Savings Plan (RDSP) in 2007 and it has been available to the public since The RDSP is a savings plan designed specifically for people with disabilities in Canada. This tax-deferred savings vehicle is intended to assist parents and others in planning for the longterm financial security of their relatives and others with disabilities that are eligible for the Disability Tax Credit. Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59. Contributions that are withdrawn are not to be included as income for the beneficiary when paid out of an RDSP. However, the Canada Disability Savings Grant, Canada Disability Savings Bond and investment income earned in the plan will be included in the beneficiary s income for tax purposes when paid out of the RDSP. The primary benefits of the RDSP include: Tax-Sheltered Savings for Future Disability Income An RDSP will allow plan holders to invest up to $200,000 in a tax-deferred account on behalf of their relatives with disabilities. The Government of Canada will pay matching Canada Disability Savings Grants (CDSG) of 100% up to 300% depending on the beneficiary s family income, as well as the Canada Disability Savings Bond (CDSB) of up to $1,000 per year to low-income or modest-income Canadians with disabilities. 1
4 Provincial Disability Benefits Unaffected RDSPs in British Columbia and Ontario are exempt as an asset and income when determining a person s eligibility for provincial disability benefits. Also, having an RDSP will have no impact on federal benefits such as the Canada Child Tax Benefit, the Working Income Tax Benefit, the Goods and Services Tax Credit, Harmonized Sales Tax Credit, Old Age Security or Employment Insurance. Who can become a Beneficiary of an RDSP? A person may be designated as a beneficiary if they meet the following requirements: The individual is eligible for the Disability Tax Credit (DTC) (a non-refundable tax credit); Has a valid social insurance number (SIN); Is a resident of Canada at the time the plan is established; Is under the age of 60. This age limit is not applicable when a beneficiary s RDSP is opened as a result of a transfer from the beneficiary s prior RDSP. Note: A beneficiary can have only one RDSP at any time even though the plan may have several plan holders throughout the plan, and have more than one plan holder at any time. Who can set up an RDSP? The plan holder is the person who establishes the RDSP and makes contributions into the RDSP on behalf of the beneficiary. For beneficiaries over the age of majority, the holder is generally the beneficiary. For beneficiaries under the age of majority, the holder can be a legal parent, legal representative or public department. 2
5 When a plan is opened by a beneficiary s legal parent(s), the legal parent(s) may continue as the holder(s) of the plan after the beneficiary reaches the age of majority. The beneficiary may be added to the RDSP as a joint holder of the plan once they have reached the age of majority and are contractually competent. If a plan is opened by somebody other than the beneficiary or the beneficiary s legal parent(s), that person or body must be removed as a holder of the plan when the beneficiary reaches the age of majority. Similarly, an individual who is eligible to be a beneficiary of an RDSP may have reached the age of majority but not be competent to enter into a contract. If so, another person may open an RDSP for the beneficiary and become a holder. These qualified persons are: A guardian, tutor, or curator of the beneficiary, or an individual who is legally authorized to act for the beneficiary; or A public department, agency, or institution that is legally authorized to act for the beneficiary A legal parent may only open a plan for a beneficiary who has reached the age of majority and is not contractually competent, when the plan is opened as a result of a transfer from another RDSP under which they are named as a holder. Also, a legal parent of a beneficiary, who has reached the age of majority, and is not contractually competent, can open a plan for the beneficiary provided the legal parent is legally authorized to act on behalf of the beneficiary. A holder who is not the beneficiary of the plan does not have to be a resident of Canada but must have a valid SIN or Business Number (for public institutions, departments and agencies) in order to establish the plan. If the guardian, tutor, or public department is no longer qualified to be a holder, (for example they are no longer their legal guardian or have died) 3
6 they must be removed from the plan as a holder. In such a case, the following may be added to the plan as successor or assignees of a holder: 4 The beneficiary; The beneficiary s estate; Any other person or body who is already a holder (for example, two legal parents enter into an RDSP contract together and one parent passes away, the other parent would receive the deceased parent s rights and become the sole holder of the plan); Any other person or body who is qualified to be a holder; or A legal parent of the beneficiary who had previously been a holder of the plan. Contributions Who can contribute to an RDSP? Anyone can contribute to an RDSP with the written permission of the plan holder. The plan holder does not have to be a resident of Canada. However the beneficiary must be a resident of Canada when the plan is opened and when each contribution is made to the plan. Contributors will not be entitled to a refund of their contributions. Qualified Investments for RDSPs The types of investments are restricted under the Income Tax Act (Canada) and include: Term deposits and GICs Variable Interest Savings Accounts Credit Union Shares Index-linked Term Deposits Mutual Funds Publicly Traded Securities Bonds
7 There are restrictions on the types of non-arm s length investments that may be held in a self-directed RDSP. Contribution and Limits There is no annual contribution limit but the lifetime contribution limit is $200,000 and the contributions are not tax deductible. Contributions are permitted until the end of the calendar year in which the beneficiary turns 59. Note: Amounts directly transferred from one RDSP to another RDSP for the same beneficiary are not included in calculating the $200,000 overall contribution limit. Government Grants The Government of Canada will provide assistance in the form of two types of grants a matching grant and/or a bond which can be paid until the year the beneficiary turns 49. The amount of grant and/or bond paid is calculated based on the beneficiary s family income. This income is dependent on the beneficiary s age. From the beneficiary s year of birth to December 31 of the year when he/she turns 18, the beneficiary s family income is based on the income information that is used to determine the Canada Child Tax Benefit for that beneficiary. Beginning the year the beneficiary turns 19 until the plan is closed, the beneficiary s family income is based on his/her income plus their spouse s income. To encourage savings, grant and bond must remain in the RDSP for at least 10 years. Therefore, the grant and/or bond are repayable to the Government of Canada if any withdrawals are made in the ten years prior to receiving the last grant or bond. Repayments of grant or bond do not include interest earned on them. 5
8 Here is an example: An RDSP is set up for Joe when he is 25 years old; contributions are made and grant and bond are received for 10 years. In order to keep the grant and/or bond received, Joe cannot withdraw from the plan until he is 45 years old as the last grant and bond would have been received when he was 35 years old. This rule is to ensure that RDSPs are used for long-term savings for disabled persons. It will also prevent people from withdrawing money and then obtaining matching grant and/or bond on future years contributions and essentially using the same Government of Canada contribution more than once. Canada Disability Savings Grant (CDSG) The Government of Canada will pay a matching Canada Disability Savings Grant (CDSG) of 300, 200 or 100 percent, depending on the beneficiary s family income. Beneficiary s Family Income Grant Maximum $85,414* or less On the first $500 On the next $1,000 More than $85,414* On the first $1,000 $3 for every $1 contributed $2 for every $1 contributed $1 for every $1 contributed $1,500 $2,000 $1,000 * Income amounts are shown for The beneficiary family income limits are indexed each year based on the rate of inflation. (Income amount for 2011 is $83,088) The following requirements must be made to apply for the grant: Be 49 years of age or under; Be a Canadian resident; 6
9 Have a Social Insurance Number (SIN); Be eligible for the Disability Tax Credit; Make contributions to your RDSP; and For beneficiaries over 18 years of age: File personal income tax returns for the past two years and all future taxation years For beneficiaries under 18 years of age: Parents or guardians must file their income tax returns for the past two years and all future taxation years and apply for the Canada Child Tax Benefit An RDSP can receive a maximum of $3,500 in matching grant in one year, up to a lifetime maximum of $70,000 up until the end of the calendar year in which the person turns 49. Canada Disability Savings Bond (CDSB) The Canada Disability Savings Bond (CDSB) is paid to low-income or modest-income families where the net family income is $42,707 or less. The CDSB is a maximum of $1,000 per year, based on family income, paid into an RDSP without any contribution being made. Beneficiary s Family Income $24,863* or less (or if the holder is an institution) Between $24,863* and $42,707* More than $42,707* Bond $1,000 Part of the $1,000 (based on formula in Canada Disability Savings Act) No bond is paid * Income amounts are shown for The beneficiary family income limits are indexed each year based on the rate of inflation. (Income amounts for 2011 are $24,183 and $41,544) 7
10 The CDSB can be paid up to a maximum of $20,000 or up until the end of the calendar year in which the person turns 49. The following requirements must be made to apply for the bond: Be 49 years of age or under; Be a Canadian resident; Have a Social Insurance Number (SIN); Be eligible for the Disability Tax Credit; Have a family income of less than $42,707 For beneficiaries over 18 years of age: File personal income tax returns for the past two years and all future taxation years For beneficiaries under 18 years of age: Parents or guardians must file their income tax returns for the past two years and all future taxation years and apply for the Canada Child Tax Benefit Carry Forward of Grant and Bond Entitlements In 2011, a carry forward (catch-up) measure was introduced by the Government of Canada. This allows the plan holder to claim unused grant and bond entitlements from the past 10 years, starting in 2008 when RDSPs became available. This measure applies to existing and new RDSPs. To claim unused grant and bond entitlements, the beneficiary must be age 49 or under at the time of the claim. The amount of grant and bond payable depends on the beneficiary s family income in those years. The grant amounts received also depend on how much is contributed to the RDSP. The matching rate will be the same as the rate that would have been applied if the contribution had been made in the year in which the grant entitlement was 8
11 earned. Bond and grant will be paid on unused entitlements up to an annual maximum of $11,000 and $10,500 respectively. Example Roger, a person with a disability who has low income and has been eligible for the Disability Tax Credit his entire life, opens an RDSP in For each year ( ) in which Roger was disabled, but had no RDSP, he has accumulated: $500 in grant entitlements at the 300% matching rate (for a total of $2,500) $1,000 in grant entitlements at the 200% rate (for a total of $5,000); and $1,000 in bond entitlements (for a total of $5,000). When Roger opens an RDSP in 2012, his RDSP will automatically get $5,000 in bond entitlements. After the RDSP is opened, Roger s family contributes $400 to his plan in 2012, for which his RDSP receives $1,200 ($400x300%) in grant. Roger carries forward $2,100 ($2,500- $400) in unused grant entitlement at the 300% rate and $5,000 in unused grant entitlement at the 200% rate. Withdrawals/ Payments Unlike the Registered Education Savings Plan where you can specify where you want the payments to come from, any and all payments received from an RDSP are automatically considered to be taken from 3 different parts: Contributions, Government grant and bond, Interest 9
12 Repayment of Grant and Bond Government of Canada grant and bond paid into an RDSP during the preceding 10 years before a withdrawal or event below must be repaid to the Government of Canada. Repayments are required when: The RDSP is terminated; The plan is deregistered; A Disability Assistance Payment (DAP) is made from the plan; The beneficiary becomes ineligible for the Disability Tax Credit; or The beneficiary dies. The Assistance Holdback Amount is the total amount of grant and bond paid into an RDSP within the last 10-year period, less any part of that amount that has been repaid to the Government of Canada. Disability Assistance Payments Withdrawals can be taken at any age; however, withdrawals must begin by age 60. There are two types of withdrawals from RDSPs: Disability Assistance Payments and Lifetime Disability Assistance Payments. Disability Assistance Payment (DAP). A Disability Assistance Payment is any payment made from an RDSP to the beneficiary. In most cases, the holder of the RDSP is the only entity who may request a Disability Assistance Payment. However, in a case where the total of all grant and bond are greater than the amount of private contributions in the RDSP at the beginning of the calendar year, the beneficiary must be allowed to request a DAP without the 10
13 consent of the holder when the beneficiary has reached age 27 but not yet turned 59. In this circumstance, the total of all DAPs requested by both the beneficiary and the holder in the calendar year must be limited by the legislated maximum payment formula. There is no minimum or maximum DAP with exception to payments made as described above. Lifetime Disability Assistance Payments (LDAP) These payments, once started, must be paid at least annually until either the plan is terminated or until the beneficiary has died. These payments must begin by the end of the year in which the beneficiary turns 60 and will be subject to an annual maximum withdrawal limit based on the beneficiary s life expectancy and the fair market value (FMV) of the plan. There will be no maximum limits on the amount of disability assistance payment that can be made to the beneficiary in a specified year. A specified year is the year in which a qualified medical practitioner certifies in writing that the beneficiary will not live longer than five years. A specified year will also include each of the five calendar years following the year of certification. A year will not qualify as a specified year unless the medical certificate has been provided to the issuer in or before the year in question. Shortened Life Expectancy An RDSP beneficiary is considered to have a Shortened Life Expectancy when a medical doctor certifies in writing that the beneficiary is, in his or her professional opinion, unlikely to survive more than five years. SPECIFIED DISABILITY SAVINGS PLAN (SDSP) A SDSP is a measure to provide beneficiaries who have shortened life expectancy with greater flexibility to access their savings from 11
14 an RDSP. Withdrawals from an SDSP will not trigger a repayment of the Assistance Holdback Amount as long as the sum of the taxable parts of all withdrawals made in the year does not exceed $10,000, as well as a pro-rated amount of plan contributions. Any portion of the $10,000 limit that is not used in 2011 can be used in 2012 if the required medical certification is obtained before These rules only apply when an election to be an SDSP has been filed with the RDSP issuer by the RDSP plan holder, along with the medical certification, and the issuer has notified the Government of Canada. Once the SDSP election is made, no more contributions can be made to the plan and the plan will not be entitled to any new grant or bond. Furthermore, you will not be entitled to carry forward any grant or bond for those years the plan is an SDSP. RDSP Reporting RDSP grant and bond, along with investment income in the plan are taxable to the beneficiary. The taxable portion of the RDSP is reported in Box 131, located in the other information area of a T4A slip. The beneficiary needs to report this amount as income on their tax return for the year in which they received the income. In the case of an RDSP rollover, the amount of the rollover will be shown in box 28 of a T4 RSP slip. Transfers RDSP transfers can occur from one participating financial organization to another and must be completed within 120 days from the date the new RDSP contract is signed. Since a beneficiary cannot have more than one RDSP, a transfer request must be completed to move a plan from one financial organization to another. It must be for the full amount of the plan, partial transfers are not acceptable. The plan holder must initiate the transfer and the required form must be completed by both the receiving and relinquishing financial organization. 12
15 Rollover Rollover of a deceased individual s Registered Retirement Savings Plan (RRSP) proceeds to the RDSP of the deceased individual s financially dependent infirm child or grandchild (from parents or grandparents) is permitted as of July 1, 2011, for deaths occurring on or after March 4, Rollovers also apply for amounts transferred to an RDSP from proceeds of a Registered Retirement Income Fund (RRIF) and certain lump-sum amounts paid from Registered Pension Plans (RPP). In addition, if the death of an RRSP annuitant occurs between January 1, 2008 December 31, 2010, special transitional rules allow a contribution to be made to the RDSP of a financially dependent infirm child or grandchild of the annuitant. In this situation, the contribution to the RDSP can only be made between July 1, 2011 and December 31, The maximum transfer amount is $200,000. This amount will be reduced by all contributions and rollover transfers that have previously been made to any RDSP. The amount of money transferred into an RDSP will form part of the $200,000 lifetime contribution limit. The Government of Canada will not pay matching Canada Disability Savings Grant on the money transferred. Termination of the RDSP The plan holder can request the RDSP be closed. However, voluntary closure is not allowed in all situations. Grant and bond must be paid back to the Government of Canada and all other money in the RDSP will be paid to the beneficiary. 13
16 If a beneficiary is no longer disabled The plan holder must terminate the RDSP no later than December 31 of the year following the year in which the beneficiary no longer has a severe and prolonged impairment as described in the Income Tax Act. Any funds remaining in the RDSP after repayment of any grant and/ or bond will be paid out to the beneficiary. The taxable portion of the Disability Assistance Payment (DAP) will be included in the beneficiary s income for the year in which the payment is made to the beneficiary. If a beneficiary dies If the beneficiary of an RDSP dies, the RDSP must be closed no later than December 31st following the first full calendar year of the beneficiary s death. Any funds remaining in the plan, after repayment of any grant and/or bond, will be paid to the estate. The taxable portion of the Disability Assistance Payment (DAP) must be included in the income of the beneficiary s estate in the year the payment is made. Budget 2012 RDSP Changes The Government of Canada s Budget 2012 has proposed changes to the RDSP. These changes are still in the draft stage and have not been passed by the Government but should be noted. Plan Holders Budget 2012 proposes to allow, on a temporary basis, a qualifying family member (spouse, common-law partner, or parent) to become the plan holder of the RDSP for an adult individual who might not be able to enter into a contract. This measure will ensure that individuals in all provinces and territories who might not be contractually competent and who do not have a legal representative may still benefit from RDSPs. This measure will apply from the date of Royal Assent to the enacting legislation until the end of 14
17 2016. (A qualifying family member who becomes a plan holder under this measure will be able to remain the plan holder after 2016). Proportional Repayment Rule Budget 2012 proposes to introduce a proportional repayment rule that will apply when a withdrawal is made from an RDSP. This rule will replace the 10-year repayment rule only in respect of RDSP withdrawals. The existing 10-year rule will continue to apply where the RDSP is terminated or deregistered, or the RDSP beneficiary ceases to be eligible for the DTC or dies. The proportional repayment rule will require that, for each $1 withdrawn from an RDSP, $3 of any grant or bond paid into the plan in the 10 years preceding the withdrawal be repaid, up to a maximum of the Assistance Holdback Amount. Repayments will be attributed to grant or bond that makes up the Assistance Holdback Amount based on the order in which they were paid into the RDSP, beginning with the oldest amounts. This measure will apply to withdrawals made from an RDSP after Maximum and Minimum Withdrawals Budget 2012 proposes changes to the rules governing maximum and minimum withdrawals from RDSPs. These changes will provide greater flexibility in making withdrawals from an RDSP and ensure that RDSP assets are used to support the RDSP beneficiary during their lifetime. Budget 2012 proposes to increase the maximum annual limit for withdrawals from Primarily Government Assisted Plans (PGAPs grant and bond paid into the plan exceed contributions) to the greater of the amount determined by the LDAP formula and 10 per cent of the FMV of plan assets at the beginning of the calendar year (if PGAP beneficiary has a shortened life expectancy, they are exempt from the maximum annual limit). Budget 2012 proposes to extend to all RDSPs the minimum annual withdrawal requirement that currently applies only to PGAPs. Accordingly, once an RDSP beneficiary attains 60 years of 15
18 age, the total withdrawal from the RDSP in a calendar year must be at least equal to the amount determined by the LDAP formula for the year. These measures will apply after Rollover of RESP Investment Income To provide greater flexibility for parents who save in a Registered Education Savings Plan (RESP) for a child with a severe disability, Budget 2012 proposes to allow investment income earned in an RESP to be transferred on a tax-free (or rollover ) basis to an RDSP if the plans share a common beneficiary. In order to qualify for this measure, the beneficiary must meet the existing age and residency requirements in relation to RDSP contributions. As well, one of the following conditions must be met: the beneficiary has a severe and prolonged mental impairment that can reasonably be expected to prevent the beneficiary from pursuing post-secondary education; the RESP has been in existence for at least 10 years and each beneficiary is at least 21 years of age and is not pursuing post secondary education; or the RESP has been in existence for more than 35 years. Under this proposal, when RESP investment income is rolled over to an RDSP, contributions in the RESP will be returned to the RESP subscriber on a tax-free basis. The subscriber can contribute these amounts to the RDSP (immediately or over time) if they so choose, potentially attracting CDSG. In addition, Canada Education Savings Grant and Canada Learning Bond in the RESP will be required to be repaid to the Government and the RESP terminated by the 16
19 end of February of the year after the year during which the rollover is made. The rollover amount will not be subject to regular income tax or the additional 20-per-cent tax. The amount of RESP investment income rolled over to an RDSP may not exceed, and will reduce, the beneficiary s available RDSP contribution room. The rollover amount will be considered a private contribution for the purposes of determining whether the RDSP is a PGAP, but will not attract CDSG. The rollover amount will be included in the taxable portion of RDSP withdrawals. This measure will apply to rollovers of RESP investment income made after Termination of an RDSP following Cessation of Eligibility for the DTC Budget 2012 proposes to extend, in certain circumstances, the period for which an RDSP may remain open when a beneficiary becomes DTC-ineligible. This measure will apply to RDSPs where the beneficiary has become DTC-ineligible. A medical practitioner must certify in writing that the nature of the beneficiary s condition makes it likely that the beneficiary will, because of the condition, be eligible for the DTC in the foreseeable future. The plan holder is required to submit an election in prescribed form, along with the medical certification to the RDSP issuer who will then notify Human Resources Skills Development Canada (HRSDC). The election must be made on or before December 31st of the year following the first full calendar year for which the beneficiary is DTC-ineligible. Where an election is made, the following rules apply commencing with the first full calendar year for which the beneficiary is DTC-ineligible: No contributions to the RSDP will be permitted, including under the proposed rule for the rollover of RESP investment income. However, a rollover of proceeds from a deceased individual s RRSP or RRIF to the RDSP of a financially dependent infirm child or grandchild will still be permitted. 17
20 No new grant or bond will be paid into the RDSP. No new entitlements will be generated for the purpose of the carry-forward of grant and bond for years for which the beneficiary is DTC-ineligible. Withdrawals from the RDSP will be permitted, and will be subject to the proposed proportional repayment rule and the proposed maximum and minimum withdrawal rules as applicable. An election will generally be valid until the end of the fourth calendar year following the first full calendar year for which a beneficiary is DTCineligible. The RDSP must be terminated by the end of the first year for which there is no longer a valid election. This measure will apply to elections made after RDSPs, that under current rules would have to be terminated before 2014 because the beneficiary has become DTC-ineligible and that have not yet been terminated, will not be required to be terminated until the end of Plan holders of such RDSPs may take advantage of this measure if they obtain the required medical certification and make an election on or before December 31, Administration Changes Budget 2012 proposes to replace certain deadlines regarding the administration of an RDSP with a requirement that an RDSP issuer act without delay in notifying HRSDC when an RDSP is established (deadline was within 60 days) or transferred from one RDSP issuer to another (deadline was within 120 days). 18
21 These measures will apply on Royal Assent to the enacting legislation. Budget 2012 also proposes that the Canada Disability Savings Regulations be amended to eliminate the 180-day deadline for an RDSP issuer to submit an application for grant or bond. This measure will apply on or after the day that the regulation amending the Canada Disability Savings Regulation is registered. Where Do You Go From Here? Canadians now have a new investment and savings vehicle that will greatly assist families in providing long-term savings for relatives with disabilities. The tax-sheltered savings growth as well as the generous Government of Canada grant and bond will help to enhance the quality of life for Canadians with disabilities. The RDSP also provides the beneficiary with the flexibility to decide what they would like to use their RDSP for. Credit Union staff are ready to discuss any aspects of the Registered Disability Savings Plan (RDSP) which may not have been fully discussed in this brochure or which may need further clarification. Before investing in any RDSP, ask about deposit insurance protection. 19
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23 Notes This booklet is provided to you courtesy of your Credit Union. It is written to be easily understandable as a result of requests by Credit Union members for clear, up-to-date information on the Registered Disability Savings Plan. This issue of Understanding an RDSP is based on the legislation in effect as of April This is intended as an information guide only. If any clarification is required you should refer to the actual legislation provided by Canada Revenue Agency (CRA). Their contact number is and their website is
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