Receiving an autism diagnosis can open the door to important financial supports in Canada—one of the most valuable being the Registered Disability Savings Plan (RDSP). If you or your child has been diagnosed with autism, understanding how to access and use an RDSP can make a significant long-term difference.
This guide explains what an RDSP is, how to qualify after an autism diagnosis, and how to open one in British Columbia and across Canada.
What Is an RDSP?
The Registered Disability Savings Plan (RDSP) is a government-supported savings plan designed to help Canadians with disabilities build financial security for the future.
What makes the RDSP so powerful is that the Government of Canada contributes to the plan through:
- Canada Disability Savings Grants (CDSG) – matching contributions
- Canada Disability Savings Bonds (CDSB) – funds for low- and modest-income individuals, even without contributions
Why an Autism Diagnosis Matters
An autism diagnosis alone does not automatically qualify you for an RDSP. However, it can make you eligible for the Disability Tax Credit (DTC)—which is the key requirement for opening an RDSP.
Step 1: Apply for the Disability Tax Credit (DTC)
To access an RDSP, you must first be approved for the DTC by the Canada Revenue Agency (CRA).
A medical professional (such as a psychologist or physician) must complete and certify the application, confirming that the individual has significant and prolonged impairments in daily functioning.
Many individuals with autism—especially those needing substantial support—qualify for the DTC.
Benefits of Opening an RDSP
Once you’re approved for the DTC and open an RDSP, you can access significant long-term benefits:
1. Government Matching (Grants)
Depending on income, the government may match contributions at:
- 300% on the first $500 contributed annually
- 200% on the next $1,000
This means you could receive up to $3,500 per year in grants, with a lifetime maximum of $70,000.
2. Free Government Contributions (Bonds)
If you meet income thresholds, you may receive up to:
- $1,000 per year in bonds
- Up to a lifetime maximum of $20,000
No personal contribution is required to receive bonds.
3. Tax-Deferred Growth
Investments inside an RDSP grow tax-free until withdrawal, helping your savings compound over time.
4. Long-Term Financial Security
The RDSP is designed as a long-term plan, helping individuals with autism build financial stability for adulthood and beyond.
How to Open an RDSP in BC (or Anywhere in Canada)
Once approved for the Disability Tax Credit, follow these steps:
Step 1: Choose a Financial Institution
Most major Canadian banks and credit unions offer RDSPs, including:
- RBC Royal Bank
- TD Canada Trust
- Scotiabank
- CIBC
NB: Not all institutions offer the same investment options, so it’s worth comparing.
Step 2: Gather Required Documents
You’ll typically need:
- Social Insurance Number (SIN)
- Proof of DTC approval
- Identification for the beneficiary and plan holder
If opening an RDSP for a child, the parent or guardian usually becomes the plan holder.
Step 3: Open and Fund the Account
You can:
- Start contributing immediately
- Apply for grants and bonds (your bank will usually help with this)
NB: You can open an RDSP with little or no initial contribution.
Important RDSP Rules to Know
Contribution Limits
- Lifetime contribution limit: $200,000
- No annual contribution limit
Age Limits
- Grants and bonds are available until age 49
- RDSP can remain open until age 60+
10-Year Rule (Repayment Rule)
If you withdraw funds within 10 years of receiving government contributions, some grants and bonds may need to be repaid.
RDSP and Autism in British Columbia
For families in BC, the RDSP can complement other supports, such as funding provided through the Ministry of Children and Family Development (MCFD).
While MCFD funding helps with therapies and services during childhood, the RDSP focuses on long-term financial planning, especially into adulthood.
Common Questions
Can I open an RDSP for my child with autism?
Yes. As long as your child qualifies for the Disability Tax Credit, you can open and manage the RDSP on their behalf.
What if I was diagnosed as an adult?
Adults with autism can absolutely open their own RDSP, provided they are eligible for the DTC.
Is it worth opening an RDSP even if I can’t contribute much?
Yes. Even with minimal or no contributions, you may still qualify for government bonds, making it highly worthwhile.
Final Thoughts
Opening an RDSP after an autism diagnosis is one of the most impactful financial steps you can take in Canada. While the process starts with securing the Disability Tax Credit, the long-term benefits—from government grants to tax-deferred growth—can be substantial.
If you’ve recently received an autism diagnosis, consider exploring the RDSP as early as possible. The earlier you start, the more time your savings—and government contributions—have to grow.
For many individuals and families, it’s not just a savings plan—it’s a foundation for future financial security.
Steadfast Planning 