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New Member
posted Apr 29, 2022 6:53:50 AM

I'm filing my daughter's first tax return as she's now 18. She has a RDSP and I'm wondering if I have to enter this anywhere in her taxes?

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Level 3
May 4, 2022 2:13:22 PM

According to the Canada revenue agency(CRA), contributions to an RDSP are not tax-deductible and can be made until the end of the year in which the beneficiary turns 59. Contributions that are withdrawn are not included as income to the beneficiary when they are paid out of an RDSP. However, the Canada disability savings grant (grant), the Canada disability savings bond (bond), investment income earned in the plan, and the proceeds from rollovers are included in the beneficiary's income for tax purposes when they are paid out of the RDSP.

 

For more information read CRA article: Registered disability savings plan (RDSP) 

 

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