Canada Disability Savings Plan: Who Qualifies and What You Get
Learn how to access government grants and bonds to help build long-term financial security through this savings plan.
The Canada Disability Savings Plan is a way for people with disabilities to build up savings for their long-term financial future through government contributions.
Who it's for
You are eligible for this plan if you are a Canadian resident and you qualify for the Disability Tax Credit.
What you get
The plan provides extra money in the form of government grants and bonds. These funds are added to your savings to help you achieve financial security in the long term.
What it costs you
While there is no direct fee to join, you must provide medical certification to prove you meet the requirements for the Disability Tax Credit.
The catch to know
There is an age limit for this program; you must have the plan opened before you reach age 59.
How to apply
- Confirm your eligibility for the Disability Tax Credit.
- Obtain the necessary medical certification.
- Open a savings plan through a financial institution.
- Visit the official portal for more details: https://www.canada.ca/en/employment-social-development/programs/disability/savings.html