The Disability Savings Plan is currently offered through the Bank of Montreal, the Royal Bank, the CIBC, Bank of Nova Scotia, TD Waterhouse Canada and Desjardins Trust.
For an adult beneficiary who qualifies for the Disability Tax Credit and still lives with his/her parents, the definition of “Net Family Income” is based on the disabled person's income and does not include their parents’ income.
For a minor child who qualifies for the Disability Tax Credit, the definition of "Net Family Income" is based on the income information used to determine the Canada Child Tax Benefit for that beneficiary.
A qualifying individual with net family income of less than $81,941 (2010) will qualify for a 300% grant on the first $500 deposited and a 200% grant on the next $1,000 deposited. This means a $1,500 deposit will generate $3,500 in grant from the federal government.
A qualifying individual with net family income of greater than $81,941 (2010) will qualify for a 100% grant on the first $1,000 deposited.
Effective January 2011 unused grant and bond entitlements from previous years (2008 and forward) may be claimed for in the future. I.e. Fully qualified beneficiary opens a new Disability Savings Plan in 2011 may be entitled to a maximum of $10,500 in grants ($4,500 contribution required) and $4,000 in a bond credit ($1,000 for each year of '08, '09, '10, '11). See HRSDC's website.
The maximum annual grant is $10,500 and the maximum lifetime grant is $70,000.
A qualifying individual with net family income of less than $23,855 (2010) will qualify for a $1,000 bond each year starting in 2008.
A portion of the $1,000 bond is payable for qualifying individuals with net family income between $23,856 and $40,970.
The annual maximum bond that may be paid in 2011 will be $4,000 and the maximum lifetime bond is $20,000.
As of July 2011 a parent or grandparent of a financially dependent child or grandchild may arrange to have some or all of their RRSP, RRIF or RPP transferred tax-free to the child's RDSP upon the parent's/grandparent's death. See HRDSC's website.
Human Resourse and Skills Development Canada's website provides detailed information.