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Canada Disability Savings Regulations (SOR/2008-186)

Regulations are current to 2019-11-19 and last amended on 2014-05-29. Previous Versions

Repayments (continued)

  •  (1) Subject to section 5.4, if a disability assistance payment is made, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, the least of the following amounts:

    • (a) $3 for every $1 of disability assistance payment made,

    • (b) the fair market value, immediately before the making of the disability assistance payment, of the property held by the RDSP, and

    • (c) the assistance holdback amount of the RDSP immediately before the making of the disability assistance payment.

  • (2) An issuer that repays the amount referred to in paragraph (1)(a) is to do so from the grants and bonds that were paid into the RDSP within the 10-year period preceding the making of the disability assistance payment, in the order in which they were paid into it.

  • 2012, c. 31, s. 73
  •  (1) If a disability assistance payment is made to a beneficiary who is the subject of an election made under subsection 146.4(4.1) of the Income Tax Act, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, the least of the following amounts:

    • (a) $3 for every $1 of disability assistance payment made,

    • (b) the fair market value, immediately before the making of the disability assistance payment, of the property held by the RDSP, and

    • (c) the amount determined by the formula

      A + B – C

      where

      A
      is the assistance holdback amount of the RDSP immediately before the beneficiary ceased to be a DTC-eligible individual,
      B
      is the amount of any grant or bond that is paid into the RDSP during the period beginning on the day on which the beneficiary ceased to be a DTC-eligible individual and ending on the day on which the disability assistance payment is made, and
      C
      is the amount of any grant or bond that has been repaid since the day on which the beneficiary ceased to be a DTC-eligible individual.
  • (2) An issuer that repays the amount referred to in paragraph (1)(a) is to do so from the grants and bonds that were paid into the RDSP within the 10-year period before the beneficiary ceased to be a DTC-eligible individual and those that were paid into the RDSP within the period referred to in the description of B in paragraph (1)(c), in the order in which they were paid into it.

  • (3) Subsection (1) does not apply in respect of any disability assistance payment made in the calendar year in which the beneficiary of the RDSP attains 60 years of age, or in any subsequent calendar year, if the total amount of disability assistance payments made to the beneficiary in that calendar year is less than or equal to the amount determined in accordance with paragraph 146.4(4)(l) of the Income Tax Act for that calendar year.

  • 2012, c. 31, s. 73
  •  (1) An issuer of an RDSP shall repay to the Minister, within the period set out in the issuer agreement, any portion of an amount paid into the RDSP as a grant or bond to which there was no entitlement under the Act or these Regulations.

  • (2) A beneficiary of an RDSP shall repay to the Minister any portion of a disability assistance payment attributable to a grant payment or bond payment to which the beneficiary was not entitled under the Act or these Regulations.

 For the purposes of calculating an amount to be repaid under these Regulations with respect to amounts that are transferred from a prior RDSP to a new RDSP in accordance with subsection 146.4(8) of the Income Tax Act, all amounts of bonds, grants and contributions transferred are considered to have been paid into or made to the new RDSP as of the day on which the amounts were paid into or made to the prior RDSP.

Waiver — Undue Hardship

 For the purposes of section 11 of the Act, the Minister may waive the requirement in subparagraph 6(2)(a)(i) or 7(2)(a)(i) or (b)(i) of the Act that the individual be at least 18 years of age on December 31 of the year preceding the particular year if the beneficiary is not a qualified dependant of an eligible individual.

  • SOR/2013-131, s. 3

Authorized Collection of Information

 For the purposes of section 15 of the Act, the following are prescribed information:

  • (a) the beneficiary’s name, address, date of birth, social insurance number and, if applicable, date of death;

  • (b) if the holder is an individual, the holder’s name, address and social insurance number;

  • (c) if the holder is a department, agency or institution that maintains the beneficiary, its business name, business number and address;

  • (d) the name and address of the issuer;

  • (e) in relation to any specific RDSP, the number assigned to the corresponding plan in respect of which written notification was given by the Minister of National Revenue in accordance with paragraph 146.4(2)(a) of the Income Tax Act;

  • (f) the number assigned to the disability savings plan entered into between the issuer and the holder;

  • (g) the day on which the disability savings plan between the issuer and the holder was entered into;

  • (h) the day on which the disability savings plan entered into between the issuer and the holder ends;

  • (i) the date and amount of contributions paid into the RDSP;

  • (j) the total amount of contributions paid into the RDSP;

  • (k) the amount of total earnings in the RDSP;

  • (l) if there is a transfer of amounts from a prior RDSP to a new RDSP,

    • (i) the amounts transferred as well as the book value and fair market value of those amounts,

    • (ii) the transfer date,

    • (iii) the name and address of the new issuer,

    • (iv) with respect to both the prior RDSP and new RDSP, the number assigned to the corresponding plan in respect of which written notification was given by the Minister of National Revenue in accordance with paragraph 146.4(2)(a) of the Income Tax Act, and

    • (v) with respect to both the prior RDSP and new RDSP, the number assigned to the disability savings plan entered into between the issuer and the holder;

  • (m) if there is a new holder of an RDSP after the RDSP is entered into, the new holder’s name, address and social insurance number or business number, as the case may be, and the day on which they became the new holder of the RDSP;

  • (n) the disability assistance payments made, indicating the taxable and non-taxable portions of the payments and the date of each payment made;

  • (o) the fair market value of the RDSP;

  • (p) if a contribution is withdrawn subsequent to a waiver granted by the Minister of National Revenue in accordance with paragraph 146.4(12)(c) of the Income Tax Act, the amount and date of the contribution withdrawn; and

  • (q) whether or not a beneficiary is a DTC-eligible individual.

Coming into Force

Footnote * These Regulations come into force on the day on which section 136 of the Budget and Economic Statement Implementation Act, 2007, chapter 35 of the Statutes of Canada 2007, comes into force.

 
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