RDSP

RDSP's are similar to RRSPs but they are geared towards persons with disabilities. For more information see the CRA website: RDSP

This bond is an amount paid by the Government Canada directly into an RDSP. The Government will pay bonds of up to $1,000 a year to low-income Canadians with disabilities. No contribution have to be made to get the bond. The lifetime bond limit is $20,000. A bond can be paid into an RDSP until the year in which the beneficiary turns 49.

The amount of the bond is based on the beneficiary's adjusted family net income  as follows (updated Nov 2023):

• $34,863 or less (or if the holder is a public institution ) - Bond $1,000
• between $34,863 and $53,359 - a portion of the $1,000 based on the formula in the Canada Disability Savings Act
• more than $53,359 - no bond is paid.

* The beneficiary family income thresholds are indexed each year to inflation.

The grant is an amount that the Government of Canada pays into an RDSP. The Government will pay. matching grants of 300%, 200% or 100%, depending on the beneficiary's adjusted family net income and amount contributed.

An RDSP can get a maximum of $3,500 in matching grants in one year, and up to $70,000 over the beneficiary's lifetime. A beneficiary's RDSP can receive grants on contributions made until December 31st in the year in which the beneficiary turns 49.

Amount of CDSG grant when family income is $106,717 or less:

• on first $500 - $3 grant for every dollar contributed up to $1,500 per year
• on next $1,000 - $2 grant for every dollar contributed, up to $2,000 per year

Amount of CDSG when family income is more than $106,717:

• on first $1,000 - $1 grant for every dollar contributed, up to $1

Employers can provide a non-taxable mileage allowance up to the following amount:

2024 Rates BC: $0.70 per KM for the first 5,000KM and $0.64 per KM after

Each year there is a limit for RRSP room increases for the year. This is based on 18% of earned income in the year. Maximum would be $31,560 for the year based on $175,333 of earned income.

RRSP Maximum:     18% of earned income to a maximum of $31,560

*BC WCB:                  $116,700

*CPP:                         $  68,500**

*EI:                             $  63,200

** new CPP Bracket from $68,501 - $73,200 at 4% for an additional of $188.00 (maximum).

*Each of these limits indicates the maximum coverage under the plan for the year, earnings above this amount do not attract additional premiums, but they also do not provide any additional coverage.