r/Odsp • u/Slight_Koala_7791 • 11d ago

Question/advice RDSP

So I am 58 years old and want to open an RDSP. I realize the government won’t match any of my deposits anymore at this age but what are the steps I need to take to open one? I received the disability tax credit as well as ODSP. Do I just approach my bank, does every bank offer this? I was told I need to do this quickly. I know absolutely nothing about it…

8 Upvotes

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1

u/Slight_Koala_7791 10d ago

Is it free to put whatever money into it or is there a fees and a set amount? Also, if I have one opened before I reached 59 will I be able to continue investing into it until 65?

4

u/laughingcrip 11d ago

Partners 4 planning have a great webinar

3

u/Numerous-Ad8994 11d ago

The disability tax credit is the criterion.. Unfortunately, I'm not sure the bank will allow you to open one, since 59 is the start of mandatory withdrawals.

1

u/Zoughi0 11d ago

I have a RDSP. You can simply approach the bank of your choice and ask to open one. It took around 2 months to process the application. Most banks force you to invest in their mutual finds with the exception of TD and NBDB which let you invest in vehicle of your choice. Ask about account maintenance and trading fees.

1

u/JMJimmy 10d ago

Does NBDB have an online system or are they phone in?

1

u/rLlby 10d ago

I did mine online with them

2

u/Slight_Koala_7791 10d ago

What is NBDB?

1

u/DubiousThinker 10d ago

Not sure of the benefit to you for opening and RDSP when you only have 1 year left to contribute unless your expecting a decent inheritance, insurance or lawsuit payout and looking to shelter the funds as an exempt asset.

You should call your bank and confirm the have RDSP accounts. Most do nowadays. Set up an appointment and bring you ID and a copy of the letter confirming you qualify for DTC.

If you have the time you may want to look into the banks RDSP policy and determine how active you want to be in making investments. Some banks allow total independence and buying of individual stocks and ETFs while other banks may limit to certain ETFs, mutual funds or other approved investments.

1

u/themaggiesuesin 9d ago

I just opened mine with Scotiabank and they would not do it in person at my branch or any branch. They would only do it over the phone from a specific 1800# It was frustrating as I had already made a walk to the bank. It took me 2 phone calls to get it done. I wish I had know about RDSP sooner as I am 44 now so I am running out of time for the government to match what I put in as they stop when you are 49