For families who have a child with a disability, a Registered Disability Savings Plan (RDSP) is a great way to start saving for a more secure future for them. This plan is intended to help parents and others save for the long-term financial security of a person who is eligible for the Disability Tax Credit.
The RDSP program began in 2008. Before the RDSP came into being, disabled people who were receiving payments from the welfare system could lose those benefits if they were receiving any financial aid from their family. Now, anyone can contribute to an RDSP on behalf of someone who qualifies for the disability tax credit.