RDSP Income Matching Rates for 2017

To start off planning for your Registered Disability Savings Plan in 2017,  I contacted Mackenzie Investments. They are one of our long-term business partners, and the top notch financial company when it comes to RDSP planning. They provided me with the new figures of the family net income to calculate for the grants and bonds. There hasn’t been too much change, the government once again increased the income threshold by a little, which makes it slightly easier to qualify for these benefits.

Below are the updates on the “Canada Disability Savings Grants“, “Canada Disability Savings Bonds” and “Disability Tax Credit“.

The chart below outlines the matching rates of “Canada Disability Savings Grants (CDSG)” in 2017

Family Net Income *CDSG Matching RatesMaximum Annual CDSG
Up to or equal to $91,831- 300% on first $500
- 200% on next $1000
$3500
Over $91,831100% on first $1000$1000

 

The chart below outlines the matching rates of “Canada Disability Savings Bonds (CDSB)” in 2017

Family Net Income *Maximum Annual CDSB
Below $30,000
$1000
Between
$30,000 to $45,916
$1,000 is reduced on a prorated basis (based on the formula in the Canada Disability Savings Act)
Over $45,916
No bond is paid

 

  • * For a minor beneficiary, the family net income is that of his or her parents. When the beneficiary is over the age of majority, the family net income is that of the beneficiary and his or her spouse, if applicable.

 

Updated version of the Disability Tax Credit Form (T2201):

The second update is about the “Disability Tax Credit”. I checked on the CRA website, and they also revised the T2201 form. (That’s the form to be filled out by your doctor, then mail to the CRA). The previous link no longer works, here’s the updated ones to download the form. http://www.cra-arc.gc.ca/E/pbg/tf/t2201/t2201-16e.pdf

 

  • Disclaimer: Details were obtained from Mackenzie Investments on Jan 6, 2017. They could be subjected to change, and they are not guaranteed to be error-free. Above details are for general understanding only, and not meant to provide any financial advice. Please always consult a financial professional before making any decision. 

 

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