RDSP guidelines and contributions
An RDSP can be created by the beneficiary or by another person who is legally authorized to act for them (i.e. a parent or guardian). You can get a complete overview here from the Government of Canada website.
Anyone can contribute to an RDSP if they get the written permission of the RDSP holder (the person or organization that opens and manages the RDSP).
In terms of how much can be contributed, there is a $200,000 lifetime contribution limit – with no annual limit on contributions. To encourage savings, grants and bonds must remain in the RDSP for at least 10 years.
The B.C. government fully exempts RDSPs when calculating an individual's eligibility for provincial disability assistance.
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Don't forget the government grants
The Canada Disability Savings Grant is a matching grant the government deposits into an RDSP. Based on the amount contributed and the beneficiary's income (or the family's if the beneficiary is a minor), the government will deposit a maximum of $3,500 each year, with a limit of $70,000 over the beneficiary's lifetime. Grants are paid into the RDSP until the year the beneficiary turns 49 years old.
The government will also deposit a Canada Disability Savings Bond of up to $1,000 a year into the RDSPs of low and modest income Canadians. No contributions are necessary to receive the bond.
You can open an RDSP and apply for the grant and bond by visiting any branch location.
